USDCHF has been supported by 1.06-1.0650 area since beginning of May. 1.0650 coincide with 61.8% retracement of the huge bull run from 0.9637 to 1.2297. This level may therefore provide a very significant level of support even for long term players. Buying at current levels (1.0650) with 1.0490 stop (risking 160 points) and having a limit for half the position at 1.0850 and trailing the second half might be a good trade. If we trade around 1.0750 you may consider placing a stop at break even to protect your equity.
SNB would probably continue to intervene by selling the CHF should the CHF strengthen abruptly.
There are plenty of USD bears out there but today there is a rumor that Pualson investment company is long USD... good to know someone might believe in the greenback.
Good trades
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