USD/CHF is capable of more
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Trade idea
SELL 0.9750; TP 0.9715; SL 0.9770
With the recent decline of the USD versus safe haven (the JPY, the CHF, and gold), USD/CHF looks like it has more scope for downside: the pair hasn’t reached support yet. Levels to watch on the downside include 0.9715 (January low) and 0.96 (support line). On W1, there was a “bearish engulfing” candlestick that closed below the 100- and 200-week MAs. A bearish break of the “wedge” seen on D1 implies bearish continuation. A pullback to the upside should meet resistance at 0.98 and 0.9850.
