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Why I'm long USDCHF: Collins

Alan Collins of 3cAnalysis is looking to long USDCHF on any short term dips.

Collins says that like most of the major currency pairs, the aftermath of the Brexit vote is a key background element to current price action.

He points out that in USDCHF the gains have created a Bullish Outside day pattern at June’s lows, breaking the 13-day moving average and, most importantly, triggering a positive cross of the RSI above its own moving average. 

That key indicator has remained positive since despite the setback that ended June and began July, says Collins.

Collins also mentions that this month’s low was also marked by a Bullish Outside day with the last four days all producing net gains – fuelled in part by a weaker CHF (EURCHF rising by 1 ½ big figures).

Collins is happy being long at current prices and also looking for any setback near yesterday's 0.9825 open to add to longs.
In addition, the 200-day moving average has been exceeded and Collins is looking for the market to focus on Fibonacci extensions of 0.9926, parity, or even 1.0079.

Collins thinks that the risk level is currently assessed as 0.9757 although a more conservative point (especially as a trailing level) may well be a close below the 13-day moving average.


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