Good evening! My question of the day is will 1.20 hold or be broken in USD/CHF? Well, today we saw Existing Home Sales and Consumer Confidence come in lower than expected. We may see further USD weakness with Durable Goods and New Home Sales report out later at 8:30 am EST.
We’re also seeing strength in the Swissy data, so I am short bias on this pair and the ideal situation for the trade looks to be short below 1.20, so that’s what we’ll do!
Short half position USD/CHF at 1.1980, stop at 1.2020, pt at 1.1940
With tons of reports coming out across the currencies, we will stick with a small position size.
Stay tuned for updates in case any fundamental shifts or if 1.20 holds. We will definitely change our strategy then. Good luck!