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USD/CHF: how to trade on risk aversion
2019-11-11 • Updated
Trade idea
SELL 0.9705; TP1 0.9660; TP2 0.9590; SL 0.9720
USD/CHF tried to move higher last week but was stopped by the 100- and 200-week moving averages in the 0.9850 area. These lines represent serious obstacles for bulls. As a result, the pair came back to the 50% Fibo retracement of the 2018-2019 decline at 0.9710. The price has already made two attempts to break below this area. There are all reasons to expect that it will do so once again given the new spike in the market’s risk aversion that’s increasing the safe-haven appeal of the CHF. The break below 0.9710 will make us target 0.9660 (August low) and 0.9590 (61.8% Fibo). Resistance is located at 0.9800.
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