USDCHF profit target reached, prepare to turn bearish
Sell below 1.0036. Stop loss at 1.0097. Take profit at 0.9935.
Reason for the trading strategy (technically):
Price has reached our profit target from previously. We now turn bearish below 1.0036 resistance (Fibonacci retracement, swing high resistance) for a push down to 0.9935 (Fibonacci retracement, swing low support).
RSI (34) is seeing resistance below the 66% level.
Reason for the trading strategy (fundamentally):
The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bullish USDCHF trade.
Reason for the trading strategy (technically):
Price has reached our profit target from previously. We now turn bearish below 1.0036 resistance (Fibonacci retracement, swing high resistance) for a push down to 0.9935 (Fibonacci retracement, swing low support).
RSI (34) is seeing resistance below the 66% level.
Reason for the trading strategy (fundamentally):
The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bullish USDCHF trade.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.