Welcome trading legends,
In this blog, we’ll be trading the USD/CHF asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The USDJPY pair traded positively yesterday and breached 103.65 level, but we notice that the price begins today with clear decline to press on this level and attempts to trade below it again, supported by the negative signal provided by stochastic, waiting for more decline in the upcoming sessions to head towards 102.50 that represents our next negative target.
Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 103.65.
The expected trading range for today is between 102.80 support and 104.00 resistance
The expected trend for today: Bearish
To the upside, if we did break above the ¥104 level, then I would look to short this market at the ¥105 level. Keep in mind that stimulus continues to be a major driver of the US dollar in general, and therefore I think we will continue to focus on shorting the dollar. The US Dollar Index breaking below the 88 handles could send the dollar plummeting, and it certainly would be seen over here. Furthermore, you can see a run towards safety and therefore the Japanese yen.
In other words, unless the Bank of Japan itself gets involved, I do not really see the catalyst for this market to go higher from here. That being said, it should also be noted that we have been very choppy and have been in more or less a “controlled descent” when it comes to this market. The entire year has been negative for the most part in 2020, but it has not exactly run away in one direction or the other.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. As we march into the New Year I wish all of you a great trading year ahead with many profitable signals.
May the Forex be with you.
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