Good morning team,
Unfortunately, our initial position on the USDCHF was stopped out at breakeven, however, we are still in the bearish camp and are looking to reload the position in anticipation of a move lower.
USDCHF – Daily Chart
USDCHF – 1 Hour Chart
The move from the low in early December through to the wave 2 top has been very choppy which suggests a correction rather than a trend. The recent rally is also in 3 waves which indicates a corrective rally, the new bearish invalidation level is the wave 2 top at 0.9293.
Trade Setup: SELL USDCHF, market execution, current price 0.9230, stop loss 0.9316 and take profit target 0.8930.
Stop loss: 86 pips
Take profit: 300 pips