USD/CHF: Strong Bull Trend
Jason Sen | Oct 01, 2014 07:40AM ET
The USD/CHF in a strong bull trend and as expected beat 9530/32 shooting to our target of 9595/9600 and topped exactly here!! We are so overbought at this stage that profit taking is likely but not a big sell off and offers buying opportunities. A drift lower to support at 9530/25 with a bounce from here expected but longs need stops below 9505. A break lower could then target 9485/80 for the next buying opportunity. Unlikely the pair will fall any further but if 9450/45 is seen this should be an excellent opportunity to enter longs with stops below 9430.
Immediate resistance at 9595/9600 again of course and we should struggle here today. Selling to shorts in a bull trend is never wise but it may be worth trying small shorts here today in the hope of a quick turn, with stops above 9625. Be ready to jump back in to longs on a break higher and look for 9650/60.
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