Yesterday during the NY session I posted these observations on USDCHF and the options open to the SNB
The USD-positive tone has seen the pair hold the support between 0.9040-50 that I highlighted and now risen once again to look at the topside resistance between 0.9100-10
I’ve sold a little up here at 0.9097 and will add above the figure (0.9100) with a tight stop around 0.9115-0.9120. I may be peeing against the wind given the general USD+ tone prevailing but I still see this pair in range-trading mode so just jobbing that for the moment.
As always in tight ranges the entry point is crucial to achieve value for money and always be prepared to jump back in if spooked/forced out on a false break. On the profit side don’t get greedy, or else hold on for the longer haul should that be your trading style, whether long or short.
Keen observers will spot that effectively I’m short GBPCHF at decent levels so I have a little room to manouevre but I’m still focussing on the core pairs essentially
These are the ficklest of times, and in summer markets, so it’s a fine line between being stubborn and being patient.