Two Traders Collide with Ideas for Trading USD/CHF
10/12/2010 12:01 am EST
Thomas Long: The US dollar/Swiss franc currency pair (USD/CHF) is nearing an all-time low. This means a strong downtrend to continue to look for selling opportunities. I would maintain this bearish bias as long as the pair remains below the 1.01823 high noted on the chart.
Joel Kruger: However, while the overriding trend still remains intensely bearish, we like the idea of a major bottom carving out in the 0.9500's in anticipation of some significant upside over both the short and longer term.
Daily studies are attempting to cross up from oversold levels, while weekly studies are still well oversold and show plenty of room to run to the upside. As such, I look for a close back above 0.9700 to confirm bias and open a major reversal.By Joel Kruger and Thomas Long, currency analysts, DailyFX.com