USD/CHF: Talk of heavy selling interest
I’m afraid I don’t have much to add to yesterday’s comments regarding some sizeable selling interest in USD/CHF. I know indirectly of two big prop traders who have shorted this pair in the last few days and they generally have good information behind them when they trade. They can of course get it wrong just like everyone else.
The daily chart looks to be turning bearish again with resistance on the day now around .9120. Support of course is at the recent record lows near .8965.
The fact that USD/CHF was unable to rally overnight despite the drop in the oil price is also moderately bearish although one can argue that the risk-off atmosphere had led to profit taking in the CHF crosses.