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
- 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.