The Usd/Chf Could Rise 400 pips

I have a really sweet trade setup for you today. When I was looking at the pairs for a potential day trade I came across a good-looking set up on the USD/CHF pair.

The pair on a daily chart is on a strong uptrend and yet we see significant pullback into a support area. In addition to that support today’s price action shows a bullish engulfing pin bar which indicates that we could see a move back up to the previous highs.

Video Analysis:


In addition to a support area is also at the 61.8 Fibonacci retracement support area on the daily chart. Which gives it additional confirmation for going long on this trade.The most recent area of resistance they could challenge this trade is the 1.000 area however that area has been broken recently and I think the price could go right through that.

Regardless of how many pieces of confirmation we have it’s really important to make sure that you’re using proper risk management on any trades that you take. That’s because there’s no such thing as a sure winner in trading and you must look at every trade as a potential loser. With that being said I am still very confident in this trade and I think I could hit my 400 pip target or even more.

 

Win a Prize:
I was away from my office all week last week and this is my first post since I have been gone. Tomorrow I will release a short video of where I was that the last week. Can anyone here in this article take a guess at where I was at last week?
Leave your guess in the comments below and if anyone gets it right I will give them a free months access of our trading tools. Just trying to have a little fun here and get some interaction.

Additionally, if anyone has any comments on the trade set up I outlined please share your thoughts in the comments below. Good or bad I really want to help hear your feedback or if you have any questions about the trade.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Ankush

    Hello Casey,

    First of all thanks for your analysis. I benefited from it so thanks very much.

    I waited for the pull back and traded after the announcement. With the overall sentiment was that USD raised the rate but also was looking to raise 3 time next year (reaching a target of <1.5% by end of 2016). So yes it was signalling USD strength.

    Thanks again and I look forward to your next updates.

    Regards,

    AB

  • I’m not gray enough with my beard yet. Plus not quite fat enough to be santa. Close on both counts though 🙂

  • Andrew

    With that beard, you had to be with the Elves at the North Pole getting ready for Christmas.

  • Brad, that is a great observation the fed can have a huge impact in today’s trading, I have a huge stop in place so I am going to go for it. But that is a great point to bring up. IT was bad analysis that I forgot to mention it.

  • onnem

    London, the place to be.

  • Abdul

    Answer: spent time running your other (several) businesses.

  • Chris

    Brazil 🙂

  • Peter J Shepherd

    I would guess you were in Guatemala

  • Peter J Shepherd

    Thanks for the “heads up” Casey.

  • Reima Huovinen

    Given the pair discussed in this article, I’d guess in Switzerland.

  • Rajen Pandya

    you are at your trade desk

  • clem4jesus

    You went to Forexfactory

  • Mike

    Having a break in Italy

  • Kevin Strydom

    Guatemala

  • Blaise Kinyua

    Miami.

  • Brad Phillips

    With the Fed rate decision coming tomorrow, is it still a good idea to get in a U/C trade today? Thanks

  • Brad Phillips

    snow skiing in Colorado!