USD/CHF setting up for an upward move

USD/CHF seems to be nicely placed and setting up for an extended rise with the long term upward trend. The traders will look to buy USD/CHF for something around 0.9180 level and if the retracement is extended, then the next level to enter again and to average out both position can be seen something around 0.9065 level. The initial profit target level can be seen around 0.9300 level and in case the market seems to be getting momentum, the traders might look to extend their profit targets towards 0.9435 level.

 

Looking at the moving averages used in the daily charts, USD/CHF has managed to break above all the three moving averages and is fair to say that USDCHF is all setup for an upward extended move. The first entry level can be seen around 0.9230 level where short term moving average is present and if the retracement is extended below 0.9230 level, it will next look set 0.9064 level around which the long term moving average is present. The RSI is just above 58 in daily charts and seems to have more than enough space to make an extended upward move and traders will look to use trailing stop to maximize the profits.

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news