USDCHF in Demand Zone; Chances of a reversal
I have started trading USDCHF after a long time because I feel the market has been sold off to a point where it could potentially reverse.
As indicated in the chart, USDCHF is currently in a historical demand zone + Trend Line Support.
Besides, the recent rate cuts by the Fed will provide some sort of support to the stock market thereby reducing the demand for safe havens such as Swiss Franc(CHF) to a certain degree.
The above factors make me believe that a short term reversal is on the cards.
So, traders can look for Buys between 0.9500-0.9740 with SL below 0.9430.
TPs can be set at 0.9650 and 0.9740 respectively.
As indicated in the chart, USDCHF is currently in a historical demand zone + Trend Line Support.
Besides, the recent rate cuts by the Fed will provide some sort of support to the stock market thereby reducing the demand for safe havens such as Swiss Franc(CHF) to a certain degree.
The above factors make me believe that a short term reversal is on the cards.
So, traders can look for Buys between 0.9500-0.9740 with SL below 0.9430.
TPs can be set at 0.9650 and 0.9740 respectively.