USDCHF - Negative, capped by key average
|In line with yesterday's call, initial price action saw 3 days of losses deepen. USDCHF moved to within 4 pips of our 2nd downside target but the latter part of Wednesday saw sentiment reverse. The subsequent strong bound from below .9900 took the currency pair back to the 13 day mvg avg and ended a sequence of 3 down days. The average held though and the underlying negative tone has reasserted in Asian trading. With this in the background, this morning’s call is a Sell at .9930 but leaving room to Sell any Rally to .9961, Asia’s high. The risk is .9991, Tuesday’s peak, with an immediate target of .9915. A move through that point then exposes sentiment to yesterday's .9894 bottom and .9868, the 3 week low.
Average Caps
Lower Highs
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