12:09 Est am
The Usd/Chf has been moving down for quite some time. Now the pair is in a range pattern as if deciding if the downward should continue or if there could be a pull back here shortly.
I am watching this pair closely to see if the pair could make a retracement. The chart is showing some strong support at the 1.0800 level and we are just off of that now at 1.0939. The pair is currently at a resistance level and if that is broken. The next resistance level to watch is at 1.1044
I am waiting for the price to break 1.0950 If it does I am going to enter long with a 30 pip stop and a target of 1.1044.
We will see if this trade will happen or if the pair will go back down. If the price moves to the downside I will be watching a bounce off of 1.0950 with a target of 1.0800.
Either way I will post my actions here at this forex blog.
4 hr chart
Winner’s Edge Trading, as seen on: