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Today’s Trading Edge: USD/CHF Rebound in Jeopardy

Posted by Edward Moya on Dec 3, 2013 9:03:00 AM

WWM USDCHF DEC 3 2013

In November, the USD/CHF rally stalled after the .9250 barrier was respected.  Price action for the majority of last month slowly had a downward consolidation that formed a bullish Gartley pattern at .9027 level.  The subsequent rally only last 82 pips and is now in danger of completely being erased. 

If today’s close is below .9084, which is below the 50-day Simple Moving Average and yesterday’s close, then technical traders may target a key run towards the psychological .9000 level 

The trade: Sell USD/CHF at .9045 with a stop loss at .9078 and a take profit at .8979.  The Risk/Reward Ratio is 1:2. 

Edward J. Moya

Technical Strategist

WorldWideMarkets Online Trading

 

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