Welcome trading legends,
In this blog post, 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 USDCHF currency pair is often called 'The Swissie'. The Swiss Franc is the last Franc still in issuance in Europe. CHF is shorthand for 'Confoederatio Helvetica' Franc, and represents the economy of the neutral nation situation in the center of Europe. Switzerland has long been a key banking center for customers around the world, and the secrecy with which they maintain their banking operations has made them one of the more desireable locations for storing cash. This has helped to bring considerable strength to the Swiss Franc, pressuring exporters from the nation. When the European Debt Crisis enveloped the continent, massive inflows into Swiss Francs made the situation worse until eventually the Swiss National Bank (SNB) created a peg to the Euro at a rate of 1.2 Swiss Francs for every 1 Euro. If the EURCHF currency pair fell below 1.20, the SNB proposed to sell CHF and buy EUR to support the 1.20 floor.
As the USDCHF pair attempts to surpass 0.8820 level, which supports the continuation of the bearish trend scenario that its next target located at 0.8730, supported by the negative pressure that the EMA50 continues to provide, reminding you that it is important to hold below 0.8915 to continue the expected decline.
USDC/HF might have carved a bottom just above the 0.8800 levels today or is very close to carving soon. The single currency pair is seen to be trading around the 0.8818 levels at this point of writing and is expected to resume the rally towards the 0.9200 levels over the next few weeks. Immediate price resistance is seen towards 0.8920, while intermediary support comes in at the 0.8800 levels respectively. A breakout above 0.8920 would also confirm that bulls are back in control and a meaningful bottom is now in place. Please note that USD/CHF has been in downtrend since March 2020 highs around the 0.9900 levels. The overall bearish trend looks to be mature now, and USD/CHF is expected to produce a meaningful corrective rally at least towards the 0.9500 mark, which is fibonacci 0.618 retracement of the entire drop between the 0.9900 and 0.8800 levels respectively. Bulls might be inclined to take control back over the next several weeks.
The expected trading range for today is between 0.8750 support and 0.8870 resistance.
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.
Happy New Year and may the Forex be with you.
Comments