USDCHF, Thursday, Sell at .9490 and .9519 (stop .9549)
Updated
Tuesday’s strong move to 2 month highs was aggressively reversed yesterday. Selling pressure was the dominant feature throughout but post FOMC price action saw the decline strongly deepen . This move took USDCHF back to the key 13 day mvg avg – though that point was unbroken on a closing basis but although Asia has not maintained its lows our signals for sentiment are left negative. So, with a good deal of caution, this morning’s call is to Sell at 9490 and at .9519, intraday Marabuzo line. The risk is .9549 with an immediate target of .9461. A move through that point then exposes sentiment to .9433, Mar 15th low, and .9405.
Trade active
First objective met. Stop lowered to .9500.
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