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Short Swissy at Market

Short Swissy at Market

James Stanley, Senior Strategist

Short Swissy at Market

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This is related to the setup that we’ve been talking about for the past few weeks in USD/CHF in our Technical Analysis pieces. The level of resistance at .9949 has offered two strong inflections over the past five months, and this is the 61.8% Fibonacci retracement of the major move in USD/CHF taking the 2010 high to the 2011 low.

While this range has been building in USD/CHF over the past five-plus months, both long and short setups have been available for traders. Tuesday of this week saw a quick break of that resistance level as USD/CHF traded at the highest level since the aggressive reversal in March, just after the Federal Reserve lowered rate expectations for 2016, and provoked a run of weakness in the Greenback. But as that new high came-in, so did sellers, with price action reversing just shy of the vaulted parity-level in the pair.

This presents a ‘pin bar’ setup with Tuesday’s quick top-side wick peeking out of prior resistance. Stops for the short position can be set to 1.0030 to take on approximately 110 pips of risk, with initial profit targets at .9821, a secondary target at .9750, a 3rd target at .9682 and a final target near the support side of the range at .9600.

Short Swissy at Market

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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