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A Range Bound USD/CHF Presents Ideal Scalping Opportunity

A Range Bound USD/CHF Presents Ideal Scalping Opportunity

2010-07-14 15:12:00
John Rivera, Currency Analyst
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The USD/CHF continues to trade sideways as it has started to decouple from the Euro with concerns in the region dissipating. A downgrade of Portugal’s credit rating yesterday was taken in stride by markets as optimism over earnings was the dominant theme. We could be seeing the Franc begin to take on its traditional safe haven role but with its strong ties to Europe lingering concerns could leave the pair directionless as markets determine how to trade the currency. Solid technical support and resistance lines are also confining price action to a tight range making the pair an ideal scalping target.

Key Technical Levels

SR-10-07-14-01

The 200-Day SMA at 1.0629 has developed into a short-term resistance level limiting upside potential. The 1.0500 price level has been a formidable support barrier since the beginning of the year increasing its validity. The psychological level may limit downside risks and also present a solid level to target for entering and exiting positions. High frequency trades should look to the developing intra-day channel for trade opportunities.

SR-10-07-14-02

Quantitative Metrics

The USD/CHF’s Bollinger band has started to narrow as the pair finds itself range bound. However, at 1015 pips it remains one of the widest of amongst the most traded pairs and a cause for concern. The pair’s level of daily volatility continues to decline with the ATR falling to 112 pips, which is near the bottom of the majors making it an attractive scalping target.

SR-10-07-14-03

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