In line with yesterday’s bullish call for sentiment USDCHF saw initial gains, supported by positive momentum. This upside stalled near .9300 and all initial gains were reversed into the close. These losses have been continued in Asia and although intraday signals are approaching oversold extremes we look for this decline to deepen. In view of this our call is bearish below .9215 The immediate objective is .9140, Tuesday’s low, with a move below that point targeting .9117, then last Friday’s bottom at .9075.
The risk to this call is that oversold extremes begin to correct earlier and higher than currently assessed. This would be signalled by a move above .9215 with subsequent upside targeting .9236, then yesterday’s peak at .9277.
source from: tradingfloor
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