USDCHF – BUY – 4th August 2020

USDCHF – BUY – 4th August 2020 (Closed)

Good morning team,

Today we are taking a look at the USDCHF. If you have not done so already check out yesterdays members video where we take a look at the DXY and a number of USD pairs. From a technical perspective the USD looks ready for a move higher.

USDCHF – 1 Hour Charts

Key points:

  • Broken above a negative trend line.
  • The price has been rejected from the 61% fib retracement
  • There is a potential inverted head and shoulder formation.
  • Low risk high reward

Trade Setup: BUY USDCHF – current price 0.9182, stop loss set at 0.9142, take profit set at 0.9290

Stop loss: 40 pips

Take profit: 108 pips

If the market breaks the 61% Fib retracement we will close out with a small loss as the inverted head and shoulder formation becomes invalid.

Trade Setup
BUY - Market Execution

Entry
0.9182

Take Profit
0.9290

Stop Loss
0.9142