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USD/CHF at Key support

USD/CHF at Key support

Kristian Kerr, Sr. Currency Strategist

USD/CHF looks to be a key inflection point in terms of price. As I wrote earlier this morning (read HERE), the zone between .9500 and .9550 is potentially important as it marks a nice confluence of the 61.8% retracement of the May - November advance, an internal trendline connecting last year’s January, August and September highs and the 8th square root relationship of the 2015 high. If the exchange rate can hold this zone and gain some quick traction over .9600 then there is a good possibility that USD/CHF can undergo a decent bout of strength in the days ahead. Traction under .9500 would signal that a more serious decline is unfolding.

Looking to buy USD/CHF around .9545 with a stop under .9500 ( closing basis). If filled I will look to take profit on half the position around .9635 and move the stop to cost on the remainder.

Looking for real-time positioning data? Find out HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.