30 Apr 2015
USD/CHF: Look to sell on rallies - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, is looking to get short on USDCHF rallies, following recent price action, which saw a daily close below 95.
Key Quotes
For the first time in almost two months, we've had our first daily close below the key range support level at 9500. This was an impulsive breakout, and I'm suspecting there will be more downside following a brief pullback.
The pair has consolidated off the lows forming an inside bar down there, but the 95 handle now becomes a tough role reversal level IMO. So look to get short on rallies into this level. Downside targets are today's lows, 9327 and 8845.
Key Quotes
For the first time in almost two months, we've had our first daily close below the key range support level at 9500. This was an impulsive breakout, and I'm suspecting there will be more downside following a brief pullback.
The pair has consolidated off the lows forming an inside bar down there, but the 95 handle now becomes a tough role reversal level IMO. So look to get short on rallies into this level. Downside targets are today's lows, 9327 and 8845.