USDCHF, like many of the USD pairs has exploded up to 1.382 extensions and so I am looking ahead to my final target of longing the USDCHF up to 0.98600.
Trade #1: I will wait for price to retrace back down to 0.97125 before looking to go long for 50 pips.
Trade #2: Once price hits 0.97650 I will be looking for reasons to short back down to 0.96860 for 80 pips.
Trade #3: If the signs for a decent long position present themselves then I will look to take profit around 0.98600 for +175 pips.
The risk to this longer term outlook is a quick resumption of the recent bullish trend at the 382 fib level located at the 0.97300, with that target then being 0.98900.
What are your thoughts on USDCHF?
Trade #1: I will wait for price to retrace back down to 0.97125 before looking to go long for 50 pips.
Trade #2: Once price hits 0.97650 I will be looking for reasons to short back down to 0.96860 for 80 pips.
Trade #3: If the signs for a decent long position present themselves then I will look to take profit around 0.98600 for +175 pips.
The risk to this longer term outlook is a quick resumption of the recent bullish trend at the 382 fib level located at the 0.97300, with that target then being 0.98900.
What are your thoughts on USDCHF?