I have opened a long position at 0.9785 as I expect the market to retest 0.9785, making this level support (was resistance since 17/03/16) and the short-term bullish trend to continue. I’m then looking to ride this pair all the way back to parity.
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Price has rejected the weekly trend-line with a hammer candle indicating a sell opportunity.
The Swiss has a safe haven status and as this week has a lot of event risk and non farms for the Dollar it is likely that investors will hedge the Swiss as a proxy for Gold against the upcoming risks associated to the Dollar.
Short on a break of the short term trend line, this line isn't as well established at the outer trend lines which are based on weekly price action and therefore is has a greater probability of being breached. If it holds a long trend to the next outer trend line is advised.
USD/CHF has been ranging the last few days. But now it seems that the pair is in a bullish momentum.
Indeed, prices broke their KUMO strongly as well as the extension of KS @1.00568. Lagging Span (LS) also broke its double resistance (Tenkan Sen + Kijun Sen). Its slope is pointing upwards.
Prices could retest last november's resistance. Stop is placed at...