USD/CHF: Short-Term Declining Channel Intact
USD/CHF is in a short-term downtrend, but prices are reaching oversold levels. Strong support area between 0.9423 and 0.9368 (21/05/2012 low).
We see the current USD/CHF weakness as a counter-trend move within an underlying uptrend. We are therefore looking to initiate a long USD/CHF position close to the aforementioned support area.