Forex Trading Library

USDCHF – Bullish outside day confirms sentiment

Trade Ideas
By Steve O'Hare
0 321

Technical

Monthly: Three consecutive positive monthly bars have been followed by indecisive price action around the 1.0000 psychological area. Remains in a corrective bullish channel. The trend of higher lows (from 2012 and 2015) is currently located at 0.9357. With horizontal resistance located at 1.0340.

Weekly:  Sideways price action has been contained within the range 0.9800-1.0063. Short-term trend support comes in around the 0.9890 area. Forming a bullish pennant with a bias to break to the upside.

Daily: Mixed and volatile trading has resulted in sideways price action over the last week.  Trend line, horizontal and Ichimoku cloud support is located around the 0.9900-0.9920 area. Bullish outside day posted confirms a clear reversal.

Action:

We look to Buy at 0.9940

Stop: 0.9890

Targets:  1.0065 and 1.0112

STOPPED AT 0.9890

 

Steve O'Hare

Steve has traded and analysed financial markets for over 30 years.
He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE.
From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders.
In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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