USDCHF (latest quote 1.0135) broke out into a price range that is likely to offer heavy supply above short-term resistance yet now only 1.6% below long-term highs (resistance). Now is an appropriate time to begin opening a grid selling the USDCHF (with intent to average down to resistance at 1.03) or buying the Swiss Franc against other pairs. A favored instrument to buy the Swiss Franc is the GBPCHF.
GBPCHF latest quote 1.318 target 1.305 for a 0.9% difference. The anticipated duration for this trade is 10-30 days.
USDCHF latest quote 1.0135 target 1.006 for a 0.7% difference. The anticipated duration for this trade is 10-30 days.
2 Likes
GBPCHF post from 13 days ago (today is May 1st) was unsuccessful, latest quote 1.328; a 0.7% difference. GBP bullish with a long-term outlook. GBP short exposure looks very risky.
April 18th
May 13th (Today)
Closing this thread with success in the USDCHF sell portion of the trade idea. The target was 1.006 and the latest quote is 1.0055 for a 0.7% difference from the original quote 25 days ago at 1.0135. The duration was 10-30 days, success.
The GBPCHF trade idea was terminated at a loss of 0.7%. So all in all this CHF buy thread turned out flat, unsuccessful but without loss.
Iām re-organizing some threads to make this account more organized. Check profile for new threads to see.