USD/CHF - USDCHF is posed for the recovery - 06/11/2024 (GMT)

Hi there!

We've got another potentially interesting situation: long USDCHF. After a massive slide down, USDCHF is recovering, and it's reasonable to try to open a trade around the breakout area of a small formation, as indicated on the chart.

SNB (Swiss National Bank) decreased its interest rate in March and triggered a dovish monetary cycle, while the Fed is still far away from this scenario. So, the Swiss Franc would logically stay under pressure against the US dollar within the present cycle.

The big bullish candlestick on the daily chart on Friday points to a continuation of growth of USDCHF.

I am considering placing a position with a relatively small stop of 15 pips, as intraday volatility of USDCHF is quite low.

Don't forget to DYOR and manage your risk!