USDCHF goes hunting for the 1.0 level
I thought I'd grab another USD pair making waves today, and the biggest mover today.
USDCHF always has an interesting time around 1.0000 and we're not far off from that level. We've got another fight between two opposing trends. For this year we're got a downward move, whose top comes in at 1.1005, and it's aided by the 55 dma at 1.1012.
USDCHF daily.
The 200 dma (0.9950) offered some resistance in the way up and it looks like that break tripped some stops to 0.9970 odd. Expect the dma to find support there now.
Further out we have a longer-term trend from 2015 to think about.
USDCHF weekly chart
We haven't really had a an attempt at 1.1000 but I'm eyeing an opportunity for a big figure fade on a first attempt. A stop can be kept pretty tight against the trend line and 55 dma but I'd be inclined to push that above 1.1020/25 to keep out the way of any stops through 1.1000.
There's also a case for reversing into a long if 1.10 breaks and then becomes support. Certainly a break of the 100 dma would signal that we're off to the races through 1.1000.
