I am starting this thread for traders interested in the Swiss Franc (CHF). I am a swing trader and can see great potentials in the CHF across other currencies. It seems to be the lesser of the evils given current market conditions.
Reasons in support of the CHF:
1 - Safe Haven
2 - Economy not doing too bad (compared to EU, UK and USA)
3 - Risk Aversion and Carry Trade (stock markets dont look too good)
Attached weekly/daily charts of USD/CHF and GBP/CHF.
USD/CHF - Clearly long term (weekly) trends are down and even on the dailies the price action seems to have created a channel between 38.2 and 61.8% fib levels. In the last week - even some perceived good news (or not so bad financial results) from the US has not been able to decicively break any major resistance at 252 or 300 - So i am thinking Short.
GBP/CHF - Pretty much the same as above - a lot more convincing as UK economy is going downhill faster than thought, albeit this pair has gone down too fast - but if you look at the monthly charts, it has room to go much further. The dailies suggest a sort of traingle forming and i am thinking it could bounce off resistance at 50% fib at 2.0583 or earlier (trend line) - Thinking short again.
Would really appreciate input from fellow traders.
Reasons in support of the CHF:
1 - Safe Haven
2 - Economy not doing too bad (compared to EU, UK and USA)
3 - Risk Aversion and Carry Trade (stock markets dont look too good)
Attached weekly/daily charts of USD/CHF and GBP/CHF.
USD/CHF - Clearly long term (weekly) trends are down and even on the dailies the price action seems to have created a channel between 38.2 and 61.8% fib levels. In the last week - even some perceived good news (or not so bad financial results) from the US has not been able to decicively break any major resistance at 252 or 300 - So i am thinking Short.
GBP/CHF - Pretty much the same as above - a lot more convincing as UK economy is going downhill faster than thought, albeit this pair has gone down too fast - but if you look at the monthly charts, it has room to go much further. The dailies suggest a sort of traingle forming and i am thinking it could bounce off resistance at 50% fib at 2.0583 or earlier (trend line) - Thinking short again.
Would really appreciate input from fellow traders.