Weak rally keeps USDCHF sentiment negative
There remained limited net movement, for a fourth day in a row Wednesday, as USDCHF is distorted by a volatile EURCHF. Wednesday’s negative forecast yielded some minor gains although selling pressure was most evident in the latter part of the day. Importantly the minor negative decline emphasised the weakness of the bounce from last week's bottom. Coupled with a falling Keltner channel, and Asian selling, the focus is on the downside.
Management and risk description
A move to 0.9555 means the stop can be lowered to break even.
Entry: sell in 0.9590/0.95 area and any rally to 0.9620.
Stop: 0.9656 bid.
Target: 0.9555 and 0.9519.
Time horizon: intraday. End 1600 London time Thursday, June 16.
Weak profit taking
— Edited by Gayle Bryant