As I alluded to in today’s morning report, I see this dollar rally as having rolled over now. I like the way Dollar/Swiss is now increasingly putting pressure on the support of the uptrend and momentum indicators are deteriorating. I see this continuing for the coming days and I have used this intraday jump as a chance to sell. I see the intraday uptrend being broken and a retreat to test 0.8775 at least.
I have placed my stop at 0.8870 (40 pips) which is above Tuesday’s high at 0.8861 and would confirm a resumption of dollar strength.
At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.