Potential swing-trade short for USD/CHF
USD/CHF remains within a longer-term downtrend on the daily chart, and momentum has has been pointing lower since the May 31 high. A bearish engulfing candle formed (which is also part of a double top) around 0.9000 to suggest a swing high has formed on the daily chart.
From here's we'd consider bearish setups on lower timeframes up to (or around) Tuesday's low, which could improve the potential reward to risk ratio.
The bias remains bearish beneath the swing high ~0.9000 and for its next leg lower, with the lows around 0.89, the weekly S1 around 0.8850 and the YTD low making viable targets for bears to consider.
Please note that the SNB (Swiss National Bank) are expected to hike rates by 25bp bu,t if they hike by 50pm to close the gap with other central banks, this could move sharply lower.
From here's we'd consider bearish setups on lower timeframes up to (or around) Tuesday's low, which could improve the potential reward to risk ratio.
The bias remains bearish beneath the swing high ~0.9000 and for its next leg lower, with the lows around 0.89, the weekly S1 around 0.8850 and the YTD low making viable targets for bears to consider.
Please note that the SNB (Swiss National Bank) are expected to hike rates by 25bp bu,t if they hike by 50pm to close the gap with other central banks, this could move sharply lower.
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