Published On: Fri, Mar 17th, 2017

USDCHF tracking Keltner channel lower

InstaForex

Background

Yesterday’s bearish sentiment was confirmed by further selling of USDCHF that was aided by a stronger CHF overall (although this did not last into the close). This move – a fifth down day from the last six – kept prices tracking a declining Keltner channel, although it also means that immediate signals for sentiment are oversold. Nonetheless the underlying tone is clear and we look for the downside to continue to develop.

Management and risk description

A move to 0.9925 means the stop can be lowered to break even.

Parameters

Entry: Sell in .9970/75 area and at 1.0002.

Stop: 1.0026 bid.

Target: 0.9925 and 0.9892.

Time horizon: Intraday, ending 16.00 GMT.

Negative channel

 Oversold

 Long term

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— Edited by Susan McDonald

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