Our free forex signals service trade today is a buy order on the USD/CHF pair.
The USD/CHF pair dropped in the short term after reaching 0.9269. The current retreat was natural after its previous leg higher. Technically, the current drop could bring new long opportunities. Still, we’ll have to wait for a fresh opportunity before taking action.
The currency pair dropped a little also because the Switzerland Unemployment Rate dropped unexpectedly lower from 2.7% to 2.5% below 2.6% expected.
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US Trade Balance Expected At -66.9B
The USD/CHF pair could start increasing again if the Dollar Index climbs towards fresh new highs. The DXY needs strong support to be able to take out the 96.44 static resistance.
Later today, the US is to release its Trade Balance which is expected to grow from -80.9B to -66.9B. In addition, the Consumer Credit, Revised Unit Labor Costs, and the Revised Nonfarm Productivity will be released as well.
In the short term, the USD/CHF pair was too overbought to be able to resume its growth. From the technical point of view, the pair is trapped within a down channel. This pattern could represent an upside continuation formation. As long as it stays above the median line (ml), the USD/CHF could still climb towards fresh new highs.
Free forex signals – BUY USD/CHF at 0.9259
Free forex signals entry price and takes profit
Instrument: USD/CHF
Order Type: BUY STOP
Entry price: 0.9259
Stop Loss: 0.9212
TP1: 0.9332
My Risk: 1%
Risk / Reward Ratio: 1:1.59
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