9950- make or break (big move coming up)
9950 is such a big level for USDCHF, if this holds we could see a nice bounce.
BUY SIDE:
I highlighted what could be an inverted hammer (depending on how the daily candle closes) if we keep a bullish body to the candle, 9950 could be a major bounce level for a big move higher, with tight stops below 9950.
SELL SIDE:
if 9950 doesn't hold I think the break lower will be severe, 9650 looks like the next best place to target.
Summary:
If there's a convincing bounce off 9950 i'll buy in with tight stops below 9950. IF it goes flat and breaks, i'll sell the break of 9950 targeting 9650 while locking in profit along the way.
There's big news this week that could cause lots of USD volatility so this will be tricky to trade, I'll update as things move forward.
BUY SIDE:
I highlighted what could be an inverted hammer (depending on how the daily candle closes) if we keep a bullish body to the candle, 9950 could be a major bounce level for a big move higher, with tight stops below 9950.
SELL SIDE:
if 9950 doesn't hold I think the break lower will be severe, 9650 looks like the next best place to target.
Summary:
If there's a convincing bounce off 9950 i'll buy in with tight stops below 9950. IF it goes flat and breaks, i'll sell the break of 9950 targeting 9650 while locking in profit along the way.
There's big news this week that could cause lots of USD volatility so this will be tricky to trade, I'll update as things move forward.
Jared Johnson
Union Hedge Funds
Union Hedge Funds
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