Relevance up to 07:00 2021-07-07
The market analysis posted here by Instaforex Nigeria is meant to increase your awareness, but not to give instructions to make a trade.
USD/CHF grew sharply in June, but starting July began to pull back amid contradictory data on US employment. Considering this, bullish traders could bump up long positions in order to set off another price increase in the currency pair.
The trading chart shows that there is a three-wave pattern (ABC) in USD/CHF, where wave A represents the buying pressure seen in June.
In line with this, investors can open long positions to provoke a 50% and 61.8% retracement from levels 0.9100 and 0.91400. Set stop loss at 0.9, and then take profit on the breakdown of 0.92800 and 0.9500.
This plan is under the framework of Price Action and Stop Hunting strategies.
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