Joshua20

USD/CHF Approaching Key Area

Short
FX:USDCHF   U.S. Dollar / Swiss Franc
The chart shows the weekly chart of the USD/CHF currency pair, you can see that prices are sitting right below a very key area of 1.00. Prices have respected this area on the chart before and I am fully expecting the prices to respect this area again.

if you zoom out this chart you will see a downtrend that has been in control of the market for a long time now. This is looking ripe for prices to hit the 1.00 area and then shoot down. We will see what happens but I am expecting prices to fall here in the near future.

Comments

it broke out!
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You should consider the fundamentals, then and now. A bullish dollar, snb -ve interest rates and a commitment to do more a bearish euro. All said and done, buy the dip to 97 levels and stay long to parity. A break out of the resistance level is possible this time around.
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fundamentally, this resistance will end up in a breakout.. next target will be 1.15 level..
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