Swiss Franc was on strong down trend and we have recently seen the monetary measures taken by the Swiss National Bank (SNB) to depreciate its currency and then we have seen a bounce in CHF against USD. So still we will be looking for selling opportunities as long as the pair is in down trend. Taking a look at the technical charts we see that price action has struck against the 61.8% Fibonacci retracement level at 0.7955. So this will be a solid trading opportunity in near term, how ever we will wait for Stochastic for the cross over, where we will be going short. On daily chart we find USDCHF is on strong downtrend and this down move must continue till the fundamentals change. CHF has been showing range trading views in last 4 days trading sessions and is more likely to have a break out in downside. So we can see the pair to continue its downtrend further, so trading in the direction of the trend we recommend to trade only short sell on USDCHF pair. In the bad times we have always seen CHF (Swiss franc), JPY (Japanese Yen) and Gold acting as safe heaven assets. So this the time to buy USDCHF for upcoming uncertainty.
Swiss Franc Trading Strategy :
Short term trading strategy for USDCHF, we strongly advice, Add short positions in USDCHF below 0.7985 for near term target of 0.7785 and 0.7665, We also recommended traders to place protective stop loss above 0.8025.
Biswajit M says
I am long on USDCHF and EURCHF, can you tell what is next weeks move in these pairs. I am using leverage of 1:20.
Bhaveek Patel says
You are on the right side of the trade, you will surely make very good profit from both of your trades.
Happy trading. 🙂