USDCHF Trading Analysis
|Sometimes it is hard to analyse trading instruments, especially when the market is not giving any indication for a potential setup.
Last time I wrote was about the DAX. It has been on the rise since then. I managed to enter in a long trade. On my second attempt to go long, I was stopped out.
This still leaves my first long trade on the table.
Market professionals should be like patient hunters waiting for the best opportunities to appear before taking action.
For now, I will leave my trade run unless I see some discouraging signs from the daily timeframe.
Today I am looking at the USDCHF.
The currency pair have reached an interim resistance level at 0.9525. It looks like there are two possible outcomes here.
-
Price break outs and continues its uptrend to the next resistance level at 0.9725
-
Price rebounds and comes down 0.9425 and then possibly to 0.9200.
I will be following this pair closely and try to find more confirming signals for either one of those scenarios above. So far, there is a long-legged doji that formed on the daily timeframe.
Next day’s candle might be confirming any one of those scenarios.
Happy Trading,
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.