Trade Idea: Sell USDCHF

By | January 31, 2017

Trade Parameters:

UsdChf remains firmly within its downtrend, and the momentum indicators seem to point to even lower levels ahead.

Allowing for a bounce back to parity+, the plan seems to be to sell 50% at market (0.9955) and a further 50% at 1.0020

Sell USDCHF@ Market ; 50% – 0.9955

                                        50% – 1.0020

SL @ 1.0055 – 100%

TP @ 0.9860 – 100%

Rather than sell here at market, more conservative traders may wish to wait as we are currently sitting right on the base of the daily cloud (chart below), which has held over the last 2 days although the indicators do point to it giving away eventually, where the dollar may then head towards the 200 DMA at 0.9860 and possibly on to the Fibo support (Daily chart, below) at 0.9790.

This order is only good for entry purposes until 5.00 pm NY time today

This information is a personal view only, this being a trade being undertaken by FX Charts. It is not an inducement or recommendation to trade although you may do so if you agree with the parameters of this idea.. Refer to our disclaimer here.

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