USD/CHF Approaching Daily Topside Resistance
It has been an active open to the forex trading year for the USD. The Greenback posted significant gains yesterday across the majors, featuring rallies against the EUR and CHF. However, today has been a much different story. It appears that sentiment has already shifted and price action in the USD/CHF certainly reflects the change in attitude.
As the shortened holiday trading week draws to a close, the FED is slated to take center stage tomorrow. Speeches from FED Chairman Jerome Powell, FOMC members Bostic and Barkin, along with public comments from the FED’s James Bullard are scheduled to take place before Friday’s closing bell. If nothing else, currency players will be eagerly anticipating their initial thoughts regarding the USD for 2019.
USD/CHF: Technical Outlook
After a nice rally on the first trading day of the new year, the USD/CHF has pared weekly gains. Price action has been slightly negative, with the .9900 handle looming large for intraday action.
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Here are a few levels to keep an eye on as the session unfolds:
- Resistance(1): Bollinger MP, .9920
- Resistance(2): Daily SMA, .9932
- Support(1): Spike Low, .9790
Bottom Line: An area of strong topside resistance between .9920 and .9950 appears to be setting up on the daily chart. For the remainder of the session, I will have sell orders queued up from .9919. With an initial stop at .9944, this trade produces a tight 25 pips using a 1:1 risk vs reward management plan.
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