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Why I'm buying USDCHF: Collins
Alan Collins of 3cAnalysis says that he is looking to buy USDCHF for four main reasons:
1. Last week saw USDCHF bought at higher levels for a fourth week in a row
2. Trading has been fluctuating around the 200-day moving average for 12 trading days until yesterday saw that point as a platform for strong buying
3. Yesterday's initial setback found buyers at the trend defining 13-day MA – a level that has held the downside throughout July
4. That buying was aided by a weaker CHF with EURCHF rising by almost ¾ point.
Collins says that in addition the market is now approaching an increasingly positive Keltner channel, but that he does expect overbought extremes to lead to attractive setbacks.
Collins looks to add to modest longs near 0.9885 and on the upside he targets June’s key 0.9954 top and projected points of 0.9996 and 1.0048.
Collins has a stop at 0.9833.
FULL DISCLAIMER
NOTIFICATION ON NON-INDEPENDENT INVESTMENT RESEARCH AND RISK WARNING
01:21 minutes
Tags: alan collins 3c analysis, currencies, currency, currency trading, forex, forex markets, forex trading, pair trade, pairs, saxotradergo, tradingfloor.com saxo bank, usdchf