This currency pair has been stuck in a rather tight range and the most recent drop brought the USDCHF down to a level where I am placing my long positions as I think we may see a rally from here. Not looking for anything too fancy here, maybe 150 pips for me. Feel free to take a look at the chart and see if you agree that the USDCHF approaches support. Feel free to share your opinions on this currency pair.
Hey Bear… Mike here.
Yep, technically that’s what it looks like. I agree.
But, fundamentally speaking…I don’t think the USD has it over the CHF. I’m surely not gonna put money on that.
Look, I’m a nobody. I really don’t know. But I love following and watching the big picture. I think the Swiss has way more strength than the US. And I see that chart as starting a trend strong for the CHF. I have the CHF as trending long term (weekly chart) over the USD, and ranging (daily chart). And now it seems like the ranging might get to trending sometime soon.
But thanks for that. I will be looking at them. (normally do)
Mike
Hi Mike, I agree that fundamentally the Swiss Franc is a much more solid currency. The trade idea was based on technicals and it always depends on your time frame you are trading as well.
Good point Bear.
But I think we should look at both angles, weigh them, then wait and see which method proves more correct.
I think I might favor the fundamental thinking over what the charts show. That is more so on a higher time frame, like 4hr and above.
I think today, real soon from now, we will see it go one way or the other. Personally, I think it’s gonna dive down.
We’ll see.
Mike
That comes down to your trading choice. I never trade fundamentals so my trading strategy is based on technicals. Those who trade fundamentals would take a different approach. In the end there is no good or bad approach, just a profitable one and a losing one.