Watching The CHF: Could It Move?

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

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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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