USDCHF – Ready to claim 1.0000 again? - the week of 23 May, 202
The swissy had a good week but I see signs that the USD is ready make up the recent losses. See the price action on your H4 chart to see why I think that a bullish continuation is likely. The pair is certainly bullish overall and I am of the opinion that the support at 0.9700 will hold.
A 60 pip stop will be enough to safeguard a long position and we can target 0.9820 and then 1.0000. Perhaps having 2 trades with different profit levels is the way to go. If this works as per my expectations, we could potentially be looking at 2.0 – 4.5R.
If, however, price continues declining, that would negate my analysis. I will not be interested in going short. I would be watching the next support at 0.9520 for the opportunity to go long.
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Always use sound money and risk management and stay patient in all your trades.
A 60 pip stop will be enough to safeguard a long position and we can target 0.9820 and then 1.0000. Perhaps having 2 trades with different profit levels is the way to go. If this works as per my expectations, we could potentially be looking at 2.0 – 4.5R.
If, however, price continues declining, that would negate my analysis. I will not be interested in going short. I would be watching the next support at 0.9520 for the opportunity to go long.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management and stay patient in all your trades.
Trade closed: stop reached:
Failed trade.