USD/CHF Back in Downward Trend

USD/CHF seems to get back into long term downward trend and currently trader will be aiming to trade with the long term trend and sell USD/CHF on rise to retracement to reasonable levels. The first such reasonable level can be seen around 0.9135 level and once the traders get a chance to enter around that level, they will look to target profit levels around 0.9000 level and if the market find enough momentum to break this level, then it will look to target 0.8915 level. In case the upward retracement is extended above 0.9135 level, the traders might look to sell again around 0.9250 level. Break above 0.9250 will clearly indicate the reversal of trend and traders will then look to reverse their trades.

Looking at the moving averages used in the daily charts, it can be seen that USD/CHF has slipped below all three of the moving average and all of the three moving averages seems to cut at the same level, around 0.9135 and this level seems to hold the key at the moment to retrain or reversal of trend. Looking at the RSI in daily charts, it can be seen that it is just above the 46 level and seems to play not much part in determining the direction at the moment.

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