I’m bullish on USD/CHF, expecting a rally as the dollar gains traction. The latest COT data suggests Non-Commercial speculators are adding to CHF futures shorts (net short rising past -24,314 after a prior 915-contract cut), signaling growing bearishness on CHF and fading safe-haven demand—a clear catalyst for USD strength. The DXY, despite an 11% drop since January, shows short-term resilience at 99.86 (up 0.03% on May 8), with U.S. data (e.g., services sector) boosting confidence, even amid global uncertainties. On the chart, a weekly opening gap above 7th April (0.85430) acts as a magnet, likely pulling USD/CHF higher toward resistance at 0.8500-0.8550. SNB intervention risks loom if CHF weakens too fast, but the setup screams USD/CHF upside. 📈
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.