Two Traders Collide with Ideas for Trading USD/CHF

10/12/2010 12:01 am EST

Focus: FOREX

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.


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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.


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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

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