price found support zone and the price looks very pressured into breaking out as well so I'm hoping buyers will come in strong.
After the clear down trend we saw some consolidation in OANDA:USDCHF that looks like it is forming a bottoming pattern. In the short term I will be looking to trade the next leg down if we see price move below yesterdays low. To find out more about how I trade, see: www.davetromp.net
Shorting usd against chf. Uncertainty prevails. Technically dollar is in downtrend against chf. First stop is 0.9950. Depending on sentiment against the dollar this can go all the way back to 0.9850 region. Idea is negated if we get back up to 1.0050 and break above it (clear close above it).
Price is forming a nice sell Setup, Use go Money management for the breakout
As Swiss franc is exposed to events in Europe (high correlation to EUR) plus negative interest rate that will likely increase, ie becoming more expensive to store funds in CHF, Swiss banks will likely become less and less of a safe haven as other currencies become more attractive or even perhaps Gold. Also, don't forget with new tax and bank secrecy laws,...