[B]My picks:[/B] Short USD/CHF to target 1.06, stop above 1.0840.
[B]Expertise:[/B] Fundamentals combined with technicals
[B]Average Time Frame of Trades:[/B] 1 day - 1 week
The latest FXCM SSI data shows that traders remain net long USD/CHF, and as a contrarian indicator, suggests further losses may be in store, though the reading is not as extreme as we saw last week. USD/CHF has backed off from falling trendline resistance at 1.0840 today, and since I’m looking at this as a short-term trade, I’m keeping my risk levels fairly tight with a stop abvoe that spike high. While there is a rising trendline and fib support (the 61.8% fib of 1.0590-1.0991) looming below at 1.0743/50, I’m ultimately looking for a drop back down to the June lows near 1.0600.