Trade Idea: Bullish USDCHF

For USDCHF, key trend and price support at .9180/30 has held firm, and a basing attempt is under way. Key resistance is seen at .9380/95 – the falling 55-day average, 38.2% retracement of the July/August sell-off and early August low. Beyond here is needed to confirm a base has been established, which we favour, turning the trend higher again. Above .9395 and we would target .9463/80 initially, ahead of the measured target from the base at .9600/05. Although this latter resistance should be allowed to cap at first, a break can see the top of the medium-term range, starting at .9752, through to .9841. Support at .9245 now ideally holds.

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