Are We Bullish or Bearish on the Swissy?
The USD/CHF is putting together a pretty interesting chart pattern. For me, it is looking quite similar the other safe-haven currency, the Yen.
Both have been trying to take out overhead resistance and as yet, both have failed to follow through. The run-up has been predominantly thanks to a bullish USD. I feel that we are going to be able to crack resistance soon.
However, we effectively have a triple top in place at the moment, which really just highlights how powerful the resistance appears to be. And of course, we are around the parity level, which is not only fundamentally important but clearly psychological.
Trading Plan
I’m looking to get long if we hold above 1.0050. Below that, I’m actually maintaining a bearish bias. I think we can also be buying on dips near the 50-SMA or around the 0.9950 mark.
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