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Day 5: our USD/CHF trade

The USD was sold off heavily overnight, as traders took profits on recent USD longs, certainly assisted by downgrade to the US sovereign debt rating by the Chinese ratings agency Dagong.

USD/CHF traded to a low of 0.9007, but has since rebounded a touch to 0.9025. My proposed stop remains in place at 0.8965.

Next week will be very interesting for holders of USD positions, as we have been given confirmation that the Bureau of Labor Statistics will release its September payrolls print on October 22. The market expects 180,000 jobs to have been created and a number closer to 200,000 would be taken positively by traders.

USD/CHF

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