USDCHF – Position Outlook – W1
Looking here at the Swissy, a pair not long added to my watch list, I’m already short USDCHF from the open earlier today. For me the this could perhaps be one of those times where the and the seem to match up rather nicely. IMO the USD will continue to weaken over the coming weeks, and paired with a nice rejection candle from the underside of the ‘recently’ broken monthly , leads me to be looking for further downside in this pair.
If we continue to see this play out as above, then I’d be looking for targets in and around the area of the yellow/orange horizontal line on the chart. As you can see we broke above the weekly from 2017 once before, and I would like to see another test of this from the other side to see whether or not it holds.
As the trade war evolves as well, the Swiss Franc could benefit from some more risk off type of trading environment. As always lets see how this plays out.