Range bound has been the best way to describe this week for the Swissie. Support and resistance levels have held, giving us a nice profit on yesterday’s call. Today has been more of the same for the USD/CHF. Sideways trading and dullsville.
USD/CHF 30 Minute Chart- Range Bound
The economic data out of Europe and the U.S. brought some participation to the market but failed to yield a directional move. Swiss Industrial Production numbers are due out for tomorrow’s European session. These stats should act as a catalyst for departure from the compression zone.
If you are still fading the extremes of the compression zone, it is a good idea to shut it down. There have been some great rotational trades over the past 24 hours, but the coming metrics are likely to jolt USD/CHF valuations.
The great thing about the markets is that there is always a great trade right around the corner. Let’s rack winners and move on to tomorrow!