Trade Idea: USD/CHF – Buy Opportunity Near 1.0100
November 4, 2009 - 4:07 am by Forex District · Leave a Comment
USD/CHF spiked above the 1.0300 level to find strong supply at 1.0338, before reversing towards the 1.0200 area. A near term bottom appears to be in placed under 1.0100, where bears may have a hard time surpassing.
USD/CHF is in a consolidation phase. A recommended strategy, however, looks to buy near 1.0100 as demand could build further at these levels.
“Although the CHF may head to parity and even lower, the pair seems to have found a medium term bottom at 1.0032. Fears of intervention in EUR/CHF may keep traders away from the pair in the near term as it closes in on levels where the SNB was last seen. Lower prices, however, are still expected.”
We note key support level at 1.0128. Look to buy at this level.
