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Coleman: Why I'm shorting USDCHF
Bullish momentum on the Dollar Index has created an opportunity for Ian Coleman from First 4 Trading to short the USDCHF.
The dollar’s value rose against a basket of currencies on Monday after the release of strong US retail sales data. The data revealed the largest recorded gains in over a year for retail sales, signaling a probable economic rebound during the second quarter for the US. After two straight days of consecutive gains, Ian believes ample scope remains for more dollar buying.
The current Fibonacci confluence level between USD .8822-26 highlights the dollar’s net gains and the opportunity for shorting the currency pair. He is looking to sell at USD .8820 with a stop placed at USD .8845. Targets for the trade can be placed at USD .8790 and USD .8752.
Resistance levels: USD .8822-26, USD .8845 and USD.8872
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00:54 minutes
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