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
Commento:
Well, my directional analysis for this trade was correct. But, unfortunately I was stopped out early. On to the next trade.