Intraday trading analysis (tips) for USD/CHF 1 June 2011, we recommend, Enter short in USDCHF below 0.8505 for target of 0.8445 and 0.8405 also place protective stop loss above 0.8525.
Reason to trade USDCHF short: As the CHF has started to strengthen more as compared to USD. On daily chart we find USD/CHF is on strong downtrend and this down move must continue untill the fundamentals change. We see a good selling opportunity today on Daily chart. CHF has been showing strength and is more likely to continue the current trend to test its next support level which is at 0.8445. RSI support the downtrend also stochastic had the cross over and is in favor of the trade on daily chart. So we can see the pair to weaken further, so trading in the direction of the trend we recommend to trade short on USD/CHF pair for intraday only.