MUFG trade of the week: Staying short USD/CHF
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USD/CHF down 12 pips to 0.9051 today
They’ve been talking about this one for awhile but Mitsubishi continues to reiterate selling USD/CHF in its trade of the week.
The have targeted a fall to 0.8650 with a stop at 0.9250.
“We are maintaining our short USD/CHF trade idea to reflect our expectations that the USD is likely to weaken further following the favourable US election result and positive vaccine news,” they write.
“The other safe have currencies have also underperformed alongside the USD. USD/CHF recently tested and held key support at the 0.9000 level but we expect it to break going forward. We continue to believe the election victory for Joe Biden supports our outlook for further USD weakness,” MUFG noted.