USDCHF Trading Analysis

Colibri Trader Colibri Trader

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,

Author

Colibri Trader

Colibri Trader, as he is known in the circles, is based in London, UK. He Started his career in one of the leading prop trading houses at the time and then has moved out to form his own company- Colibri Trader Limited.

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