Intraday trading analysis (tips) for USD/CHF 23 May 2011, we recommend, Enter short in USD/CHF below 0.8795 for target of 0.8765 and 0.8735 also place protective stop loss above 0.8815.
Reason to trade 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 may continue. 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 0.8765. 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 strengthen further and move towards its next support level which is at 0.8765, so trading in the direction of the trend we recommend to trade short on USD/CHF pair for intraday only.