USD/CHF: look for buy trades

USD/CHF: look for buy trades

2019-11-11 • Updated

Trade ideas

BUY 0.9950; TP1 0.9980; TP2 1.0015; SL 0.9935

BUY 0.9860; TP1 0.9910; TP2 0.9980; SL 0.9840

USD/CHF shot up last week from the 200- and 100-week MAs in the 0.9840/50 area and reached the 0.9940 zone where it met some resistance. The pair formed a higher low and broke above resistance line from early May. Indicators show that it has the potential to shoot upwards, although this may happen after a correction lower. The break above 0.9950 will open the way up to 0.9980 (200-day MA) and 1.0015 (June high). The closest support is at 0.9910 (50-day MA). If USD/CHF falls below it, traders will have a chance to place bullish bets at 0.9860 (support line connecting June and July lows). 

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