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USD/CHF Test of Major Support Present’s Scalping Opportunity

USD/CHF Test of Major Support Present’s Scalping Opportunity

2010-03-15 14:44:00
John Rivera, Currency Analyst
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Key Technical Levels

SCALP315a

The 50-Day SMA at 1.0573 has held as support ending a three day Franc rally. Price action has traded above the technical level since January 15 giving weight to its potential as a barrier. We have seen the pair trade sideways since the failed test, trading in a 50 pip range between 1.0570- 1.0620.

SCALP315b

Quantitative Metrics

The looming treat of SNB intervention has been a limiting factor to volatility for the pair which has seen its ATR shrink to 103 pips. Limited intra-day price movement’s increases its attractiveness as a scalping target. However, we have seen the Bollinger band width widen to 282 pips as a bearish trend has emerged. The one-way price action makes it difficult to execute high frequency strategies and limits profit potentials. Still the width is only at 282 pips. A one week implied volatility reading of 9.63 puts it at the bottom of the most traded pairs and a sign that subdued price action is ahead.

SCALP315c

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