Our free forex signals service trade today is a buy order on the USD/CHF pair. We will analyze the USD/CHF pair and key reasons to buy it.
The USD/CHF pair dropped, but the sellers seemed exhausted. That’s why I’m looking for new long opportunities. Still, I need strong confirmation before considering going long. The currency pair dropped as the Dollar Index dropped. DXY’s upwards movement could announce that the USD/CHF could come back higher. We have a strong positive correlation between the DXY and the USD/CHF.
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Switzerland will release its Credit Suisse Economic Expectations on Wednesday and the KOF Economic Barometer on Thursday.
US House Price Index 0.9% Growth Expected
In the short term, the USD/CHF remains under pressure. The price action developed a potential Double Bottom pattern, but this formation is far from being confirmed. In addition, the US HPI is expected to report a 0.9% growth, while the Richmond Manufacturing Index could be reported at 11 points.
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From the technical point of view, staying above 0.9165, making a valid breakout above the immediate downtrend line, and coming back above 0.9197 could announce potential strong upwards movement.
Free forex signals – BUY USD/CHF at 0.9205
Free forex signals entry price and takes profit
Instrument: USD/CHF
Order Type: BUY STOP
Entry price: 0.9205
Stop Loss: 0.9162
TP1: 0.9272
My Risk: 1%
Risk / Reward Ratio: 1:1.55
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