The USDCHF had a bullish momentum yesterday, topped at 0.8494 but closed lower at 0.8448. The bias remains neutral in nearest term. Price still trapped in range area of 0.8555 – 0.8274 and I think the best strategy is to short around 0.8555 or long around 0.8274 with tight stop loss. For me, any position between that area will force us to take big risk with only limited profit target and I don’t want to do that. Be patient and do not rush jump into the market. Immediate support is seen around 0.8400 – 0.8350 region followed by 0.8274 historical low.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.