The USD has been weakening against the CHF the last few months. The USD/CHF pair has sold off on high volume since the end of December and broke through a support area around .97500 area. Price seems to be forming a bearish descending triangle pattern on the daily chart. I will be entering a short position once price breaks the bottom of the triangle pattern with a profit target around the .96200 level for a .5 to 3 risk/reward trade. Will be trailing my stop as price moves lower.
I appreciate any knowledgeable feedback.
Cheers
I appreciate any knowledgeable feedback.
Cheers
Note
Well, my directional analysis for this trade was correct. But, unfortunately I was stopped out early. On to the next trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.