Intraday trading analysis (tips) for USD/CHF 16 May 2011, we recommend, Enter long in USD/CHF above 0.8925 for target of 0.8965 and 0.8985 also place protective stop loss below 0.8905.
Reason to trade long: As the USD has strengthen last week the CHF has seen the selling hence it has moved from 0.8555 level to 0.8935 levels. On daily chart we find USD/CHF was on strong downtrend and this upmove may be considered as retracement. We see a good buying opportunity today on 1 hour chart. USD has been showing strength and is more likely to continue the current trend to test its next resistance level at 0.8965. RSI support the up trend also stochastic had the cross over and is in favor of the trade on 1 hour chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 0.8965, so trading in the direction of the trend we recommend to trade long on USD/CHF pair for intraday only.