Our free forex signals service trade today is a buy order on the USD/CHF pair.
The USD/CHF pair is trading in the red at 0.9122 at the time of writing. The pressure remains high as the price stands below a strong dynamic resistance.
Technically, it’s trapped within a down channel, so we need a strong bullish pattern and signal before considering going long again. Selling here is risky as the USD/CHF pair stands above a strong support zone. Personally, I’m looking for new buying opportunities around this support area.
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The price drops right now as the Dollar Index has found strong resistance at 94.21 weekly pivot point and now it has slipped lower.
Fundamentally, the USD is still vulnerable as the US data have come in mixed in yesterday’s trading session.
US Inflation Data In Focus Today
Technically, the USD/CHF pair seems undecided in the short term. Maybe the traders are waiting for the United States inflation data before taking action. The Consumer Price Index is expected to register a 0.6% growth in October versus 0.4% in September, while the Core CPI could report a 0.4% growth versus 0.2% in the previous reporting period.
In addition, the Unemployment Claims indicator is expected to drop deeper from 269K to 257K in the previous week which could be good for the USD.
From the technical viewpoint, the USD/CHF has found strong support on the median line (ML) of the descending pitchfork and on the 78.6% retracement level.
Now, it stands right below the descending pitchfork’s upper median line (UML) which represents a dynamic resistance. Making a valid breakout through this upside obstacle could activate a bullish reversal.
Free forex signals – BUY USD/CHF at 0.9161
Free forex signals entry price and take profit
Instrument: USD/CHF
Order Type: BUY STOP
Entry price: 0.9161
Stop Loss: 0.9081
TP1: 0.9282
My Risk: 1%
Risk / Reward Ratio: 1/1.5
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