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Coleman: A Thanksgiving rally for the dollar

After three days of negative performance, Ian Coleman from First 4 Trading is expecting to see a mild recovery in the dollar. Disappointing economic data out of the States this week has created a mild sell-off in the US Dollar Index, but with levels hitting the 261.8 percent extension mark a slight bounce is anticipated. Therefore, Ian’s trading strategy is to sell into rallies in USDCHF.

He notes that currently there is bespoke resistance at CHF 0.9635 and a trend of lower highs located at CHF 0.9665. Given these two key indicators Ian is looking to sell at CHF 0.9635 with a stop placed at CHF 0.9675. His two targets for the trade are CHF 0.9580 and CHF 0.9495.

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01:27 minutes
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