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USD/CHF Trend Play (December 20, 2013)
USD/CHF is still trending lower on its 4-hour time frame, despite the strong bounce seen after the FOMC interest rate statement. The pair has dipped to new yearly lows around the .8850 area and might be ready to test those lows again.
There’s a falling trend line connecting the price’s highs and the pair might pull up to that resistance area before heading any lower. This is in line with the .9100 major psychological level. Stochastic is already in the overbought region but hasn’t crossed down yet, which suggests that the pair could push a little higher still.
Shorting at .9100 with a 100-pip stop and a target of .8900 could be a 2:1 trade while aiming for the recent lows could be at least 2.5:1.
By Kate Curtis from Trader's Way
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