CHF Backs USD Shorts
USDCHF offered opportunities for range-bound traders seeking 1-2 day positions within the 1.0270-1.0390s territory since Dec 23. This point was raised since Dec 20 (beginning of winter break). While the current pattern may persist into the rest of this week, the weekly chart suggests fresh downside ahead as shown the slow stochastics and the failed high at 1.0507 trend line resistance. Although were not throwing the towel on our expectations for further gains in USD, this chart illustrates the CHF as our preferred currencies to buy against USD at the next round of USD selling. This also means USDCHF would be among the smallest gainers in time of advances in the greenback. Interim target stands at 1.0180, followed by 1.0130 and 1.0090. While any recovery is seen limited at 1.0365-70, aggressive shorts could allow stops for subsequent resistance at 1.0590s.
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