nick.trader4

USDCHF- Counter trend setup.

FX:USDCHF   U.S. Dollar / Swiss Franc
USDCHF has been falling rapidly due to weakness in the USD. It has fallen all the way to major Daily support around 0.97000 where it has bounced nicely twice and since has been consolidating for a few days. I can see some more upside to retest the major resistance around 0.98000 price area but the longer term direction of this pair (whether it breaks the resistance and rises or rejects and falls back to support) will most likely be determined by USD fundamentals which include NFP this friday and the FED rate hike decision in a couple weeks. A patient well calculated entry should yield a positive R:R and a fair amount of pips.
Comment: Hit the TL target to start the week.. was rejected and continued the downtrend.
No trend reversal still seeing a weaker USD
Trade closed: stop reached: Counter trend trades naturally carry more risk and are harder to trade. Trend is your friend always
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