ElysiumFX

USDCHF - Ready to reverse?

FX:USDCHF   U.S. Dollar / Swiss Franc
107 0 1
USDCHF             has fallen to an area of support on the weekly chart, the 38% retracement of the 2011 lows/2012 highs, that could provide a bounce higher for the pair. Risk is well-defined: the channel bottom coincides with the .88 level, which is ~70 pips away, and should provide strong support in the case of a spike lower. Adding to the possibility of a reversal is that the US dollar index             , DXY             , is at a key area of support around the 79.90 area on the daily chart ..

Going long USDCHF             near current levels with a stop below .88, initial target of .92 and longer-term target up near the channel top, offers great risk/reward. Remember, though, that this is on a weekly basis so the trade is long-term in scope.
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