Short term
/
Buy
Trade view / Friday at 6:37 GMT

Dips in USDCHF offer good risk/reward set-up

Analyst / PIA First
United Kingdom
Instrument: USDCHF
Price target: 1.0400
Market price: 0.9986
Background

Going into the French presidential election, we are looking at USDCHF today. This pair is near -1 correlated with EURUSD. Dip buying this morning (with a tight stop) offers a great risk/reward trade if USDCHF rallies. 

Monthly – There is nothing to take away from the monthly chart. March posted a doji style candle with the last 17 months’ price action stuck between two trend lines. 
USDCHF M
Source: Saxo Bank

Weekly – Keeps holding close to parity (1.0000). We are either in a bullish channel or an ending wedge. There's plenty of scope for a move in either direction. The Marabuzo level from week 27 is located at 0.9953
USDCHF W
Source: Saxo Bank

Intraday (eight-hours) – Posted a 0.9933 low yesterday. With buyers returning, we also registered a bullish morning doji star. There is scope for a reverse head-and-shoulders pattern (break of 1.0084 needed). The measured move would then be 1.0400.
USDCHF 8
Source: Saxo Bank

Intraday (60 minutes) – Two formations to take away from this timeframe, both bullish:
1. Expanding wedge. On a break of 1.0035 the measured move is 1.0100
2. Possible reverse head and shoulders. We are looking to buy dips close to 0.9960 this morning. 
USDCHF 60
Source: Saxo Bank

If it breaks today, I would expect a possible retest (of the breakout level 1.0035) after a correction lower from 1.0050.

Management and risk description

Parameters

Entry: Buying in the 0.9970-60 zone

Stop: 0.9930

Target: 1.0400 

Time horizon: medium term 


— Edited by John Acher

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
3d
ashrafj1 ashrafj1
start trade
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
starting to build the long
3d
Mira Mira
In-trade
3d
usxau usxau
Good morning gents! Back from SFO and just having a look over what has happened while I was away! my usdjpy orders got triggered! Who would have thought! LOL - anything I missed that you can fill me in? Cheers
3d
Cesime Cesime
Yeah usxau u missed the manchester united match
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
LOL... I will be back ! Pulled the USDCHF stop into the low now
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
really not sure about USDJPY as I think we are in the last cycle lower in EURJPY ... I do think it will be more Euro selling based than JPY buying ..... worried about stocks too...
3d
Cesime Cesime
i am short on EY for a few
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
USDJPY just looks like a little intraday corrective channel (today)... bigger picture MIGHT BE ... needs to close this month above 109.70 to have a chance
3d
Cesime Cesime
imo usdjpy will hit 10892 ish if not lower
3d
Grant Nicholson - Busk&Evans Capital Grant Nicholson - Busk&Evans Capital
Ian, I am looking into the USDJPY to move down to the .618 to complete the cycle. Would be looking for a bounce and profit taking in the 106.837-107.272 which also correlates with 161.80 extension from the swing lower.
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Hi Grant ... nice to meet you. If you are looking at the full cycle, should the low not be taken for the June base? (for the 61.8% retracement)
3d
Andrew Perkins Andrew Perkins
Good luck this weekend with Derby Ian see you next week
3d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
and you pal... enjoy
12h
vyacheslav111 vyacheslav111
Hi! Your opinion on USDCHF now ?
12h
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
we are selling intraday close to 1.0007... medium term is mixed ... bearish Elliott Wave count still alive but could also be a reverse Head and Shoulders .
11h
vyacheslav111 vyacheslav111
Thanks!

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail