Trading Idea – USDCHF
Current Trend: Just turned from bearish to bullish
Relevant Key Levels: Resistance at 1.0828 and 1.1059. Support at 0.9612 and 1.0240.
Notes: The ‘Swissie’ was in a downtrend in the short term but now we are noticing a breakout of some very important levels around 0.9830. If the currency pair manages to break and hold above the daily 200 MA then this will show a clear indication that the path of least resistance will be to the north side with targets towards 1.0028 (November high), and maybe to 1.0240 (April 2019 high) at a later stage.
A correction though could be surely in the cards; however, in our opinion, any dips will be a good point from where a long position could be established
Potential Trade Idea: Consider a buy position after a correction or if the USDCHF trades steadily above the daily 200 MA, targeting a move towards the 1.0020 region. Stops should be placed below 0.9620.