Published On: Thu, Feb 16th, 2017

USDCHF strong upside rejection to deepen

InstaForex

Background

USDCHF was bought at higher levels for a seventh day in a row yesterday. This move took the currency pair to the most positive levels traded for four weeks. But in late price action those gains were reversed, in a move that took the currency pair to a close with minimal net movement. The Doji highlights uncertainty but the upside rejection signals a likelihood of Asian losses extending further, temporarily, during today’s trading.

Management and risk description

A move to 1.0014 means the stop can be lowered to break even.

Parameters

Entry: Selling 1.0040/45 area and at 1.0065.

Stop: 1.0103 bid.

Target: 1.0014, 0.9982 or even 0.9948.

Time horizon: Intraday, ending 16.00 GMT.

Four-week highs

 Sharply rejected

 Long-term

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— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more

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