Is the Swissy Getting Set for a Rally? - Forex News by FX Leaders

Is the Swissy Getting Set for a Rally?

Posted Thursday, November 16, 2017 by
Rowan Crosby • 1 min read

Last week I had a good look at the USD/CAD. It had pulled back and reached a key level based on one of my favourite longer-term trading strategies. Since that point, it’s bounced nicely.

As it turns out we are now setting up in a similar fashion in the USD/CHF.

The USD weakness over the course of the week has opened up some really great trading opportunities in the majors. As you can see from the chart of the Swiss Franc, it has pulled back from the highs of above parity.

 

Buying Pressure

Now that we are back towards the 20-period EMA, I think we can start looking for a bounce. What’s more, we put in a really nice bullish candle. To me, that is a hammer type pattern, where there is a long wick. That suggests that there is buying interest below that is propping us up in the short-term and that will hopefully follow through.

For a buy at current levels, I think that 1.0000 is a good upside target to have.

 

USDCHF

USD/CHF – Daily Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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