By in commentary, technical analysis

USDCHF pulls back to support – Buying opportunity!

Trade Idea: Buy USDCHF @ 0.9400

Stop: 0.9370

Target 1: 0.9495

Target 2: 0.9595

Background:

Yesterday we suggested that 0.9400 would be a good place to get long USDCHF, a trade that served us well last week. This trade didn’t get done yesterday but we have got back here this morning so it’s time to get long!

0.9385 was resistance last week and this should now become support, along with Marabuzo support at 0.9400.

Trade management:

On a move above 0.9425 move the stop to entry to protect capital.

Risks: There has been a general “Risk on” feel around the traps this morning and this might weigh.

Charts:

 

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