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A Range Bound USD/CHF Presents Scalping Opportunity

A Range Bound USD/CHF Presents Scalping Opportunity

2010-07-20 16:12:00
John Rivera, Currency Analyst
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The USD/CHF after erasing all of its debt crisis inspired gains has started to settle into a short-term range, as concerns ease. Spain, Ireland and Greece auctioned nearly 10 billion euros of debt signaling that the EU-IMF bailout is providing a comfort level for investors. Markets may now turn their focus to the upcoming bank stress tests results which could see the pair remain quiet until the release. The optimism over the improving sovereign debt picture is being tempered by the possibility that several banks could prove to be at risk from another shock to the system. The level of uncertainty will most likely keep traders on the sidelines and limit any conviction making an ideal scalping environment.

Key Technical Levels

SR-10-07-20-01

The 200-Day and 20-Day SMA’s are converging at 1.0630/50 which could limit upside risks for the pair. Additionally, 1.0400 handle is developing into a potential support level which could leave the pair range bound. A short-term range between 1.0450-1.0560 is providing potential target levels for entering and exiting positions.

SR-10-07-20-02

Quantitative Metrics

The USD/CHF’s ATR has been in a steady decline as concerns over Europe’s debt issues have dissipated. At 116 pips it is one of the least volatile pairs, a positive for scalpers. The pair’s Bollinger band width has narrowed to 817 pips but it remains near the top of most active pairs and the extreme level of variance is a red flag.

SR-10-07-20-03

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