Swiss Franc Cross Pick 02.08.2011
Following up with the short USD/CHF recommendation from the previous day, I sold the pair at 0.9555 after the markets close, but my position is currently out of the money as the exchange rate rallies to a high of 0.9577. However, as the near-term rally in the dollar-franc tapers off ahead of the 50-Day SMA at 0.9612, I will remain bearish against the pair as it maintains the downward trend from back in December. In turn, I will maintain the position going into the middle of the week and will continue to target former support around 0.9400, with the stop at 0.9612, the 1/13 low.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.