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Forex Currency Analysis USD/CHF
Thursday, July 8, 2010 posted by admin
Buy USD/CHF SL@ 1.0425, TP1@ 1.0624, TP2@ 1.0790, TP3@ 1.0874
The pair has been dropping decisively since the beginning of June, without a serious retracement yet.
At current price levels, the pair is now forming a green candlestick at the most important support levels from March- April on the daily chart (1.0500 area). After a drop like that to a stop at a support, calling the pair “oversold” would not be baseless. Counting on a reverse in the trend now, would allow an extraordinary risk/ reward ratio, with a stop loss relatively close and a huge take profit potential for a retracement.
All analysis is based on the daily chart.
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Last price: 1.0535
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