USDCHF dropping nicely towards profit target, remain bearish

22 December, 2016

Sell below 1.0268. Stop loss at 1.0296. Take profit at 1.0200.

Reason for the trading strategy (technically):

Price has been dropping nicely towards our profit target. We remain bearish below 1.0268 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.0200 resistance (Fibonacci projection, Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) is seeing descending resistance pushing price down.

Reason for the trading strategy (fundamentally):

The main news event today is the U.S. Durable Goods Orders. Durable goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The headline figure is expressed as a percentage change from previous months. A decrease in this value would mean a weaker USD. Forecasts for this month is expecting a significant drop from last month which means a weaker USD. This goes in line with our bearish USDCHF view.


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