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Faraday: USDCHF bears gathering momentum

With last week’s US dollar weakness looking set to continue, Thomas Light from Faraday Research is looking to pair it against a resurgent Swiss franc.

Looking at the daily candle chart, Light highlights a long-term wedge formation that shows prices have started to rollover from the top of the wedge. He says last week’s price action suggests that the bears are starting to gather momentum.

Light is looking to enter the trade at market with stops above the flag at 0.9690 with profit targets coming in around the September lows at 0.9528.

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