SPOT USDCHF - upside rejection to steepen
​Contrary to yesterday's bearish forecast the early part of Tuesday's trading saw 2 days of gains extend. A 2 week high was posted but USDCHF lacked the momentum to trade through .9700. This failure of demand then led to a late reversal in sentiment that wiped out all initial upside. Although the subsequent lows were also not held, and the market is trading around the key 13 day line, our studies are left mildly negative. So, with some caution, this morning's call is a Sell but leaving room to Sell any Rally to .9648, Asian high. The risk is .9672 with an immediate target of .9600, Friday's low. A move through that point then exposes sentiment to .9573, this month's base, and last month's .9552 low.
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