USDCHF - Weak Rally

The consolidation highlighted in yesterday’s report, after a sequence of 3 down days ended, continued yesterday. Buyers were attracted above parity but the upside was constrained around Monday’s Marabuzo line.  It is the weakness of the rally that is enough to keep the technical focus, cautiously, on the downside. Therefore, this morning’s call is a Sell but leaving room to Sell any Rally to 1.0117, this week’s open. The risk is 1.0151, Friday’s opening price, with an immediate target of 1.0055, Wednesday’s low. A move through that point then exposes sentiment to 1.0026, the base of the Keltner channel, and  then parity.

Weak Rally

USDCHF - Weak Rally

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