USD/CHF: Buy Dips For A Low Risk Trade?

The USD/CHF is testing the 100 and 200 hour moving averages at the 1.1124 to 1.1132 level.  The price has been above and below these key moving averages today indicating a reluctance to trend one way or the other.

On Friday, the Bank of International Settlement was rumored to be intervening versus the Swiss Franc, selling the currency.  This caused the USD/CHF to rally from 1.1042 to a 1.1238 high in the span of a few hours.  Since that time the price has moved back down, reaching a low price of 1.1087 today.

I would expect a cautiousness on behalf of sellers of the currency pair which would suggest buyers on dips. This may be a low risk reward level for a purchase, with a stop should the price dip below 1.1109 (which was a low dip after reaching the days lows for the day).

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