jrashaadtrades
Long

USDCHF LONG Trade Update

FOREXCOM:USDCHF   U.S. Dollar / Swiss Franc
I've been writing about the USDCHF since March 2nd, where I mentioned that the Swiss looked like it would start giving up ground to the US Dollar . My analysis was correct and I've been LONG the pair with at least one contract since February 26th at 0.93878. Currently sitting on +127 pips profit and nearing my Fibonacci Extension Target Zone (Green Rectangle ).

On March 12th I updated my analysis, stating that a pullback to the bottom of the channel was probable and that turned about to be accurate. Price is oscillating around the 0.947 mark. Also, price is right up against the 38.2% Fibonacci Retracement from the October 27th to February 16th low.

Tomorrow I'll be watching price action. Today's Engulfing candle could easily be wiped out as a flood of sell orders are triggered
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