USDCHF Long - Mean Reversion (Weekly RSI oversold)
Updated
USDCHF has become extremely oversold and found support at that faithful Jan 5, 2015 morning where SNB shocked the world.
My first target would be the 0.236 Fib level, then 0.382 which stands at around 0.904.
SNB has removed the currency intervention paragraph in their latest statement. Inflation came a bit higher yesterday for Suisse but in line with Central Bank expectation.
I am neutral on USD at the moment and weakly bearish on CHF.
It's not a high conviction fundamental trade but that RSI on the weekly is oversold and usually we see good mean reversion from such levels.
Stops at 0.83700
My first target would be the 0.236 Fib level, then 0.382 which stands at around 0.904.
SNB has removed the currency intervention paragraph in their latest statement. Inflation came a bit higher yesterday for Suisse but in line with Central Bank expectation.
I am neutral on USD at the moment and weakly bearish on CHF.
It's not a high conviction fundamental trade but that RSI on the weekly is oversold and usually we see good mean reversion from such levels.
Stops at 0.83700
Note
USDCHF chugging along nicely.No change in target
Note
Stop loss has been moved to entry.Trade active
Taking half of my position off.Note
Only about 100 pips to go now.Trade closed: target reached
500 pips bagged.
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