I hope you guys have heard of stop hunting process and lack of momentum and fundamentals drive the price back to previous broken support resistance area and expect to hunt for stops both up and down. That is exactly the case for USD/chf as I’ve seen. I am looking to short usd/chf here with stops around 0.9830 to see if there are still some fuel left in the tank to push the price up in the range and take the momentum from there on.
This week is very quite as far as currencies is concerned except pound is getting a strong run in past three days . This could be a relief rally and one should again be ready to see if there are players around to push it again towards the multi-year support around 1.1950. That is way far from where the price is right now. But this is the moment if you want to bag big profits in currency trading. I’ll keep you guys updated on gbp/usd next week.
Price in USD/chf is expecting a u turn again around the current levels
Chart explains it all. I often believe that if price is taking out previous strong bases with authority, then It is time to turn the paddles again when price return to the origin of previous. USD/chf is the doing exactly same. WE break below strong support and we clearly sees decision made to move lower but Now there is a need of liquidation of collection of earlier pending orders and we can see stops around 0.9830 and target 0.9710 area once again.