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USDCHF Finds Support Once More

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Today we begin with a pair that has been finding support at the same trend line since August 18th. Up to this point, USDCHF has found support almost ten times at this level since it began forming in August.

That support came in the form of a bullish 4 hour pin bar yesterday as the market once again tested this level.

In order to get a proper risk to reward ratio, we’ll have to wait for a 50% retrace. As I type this, the market is just above the pin bar’s nose, which doesn’t give us a mandatory 2R setup when targeting the recent highs at .9810.

Summary: Opportunity to trade a 50% retrace of yesterday’s bullish 4 hour pin bar. Key resistance comes in at .9810.

USDCHF 4 hour forex chart

NZDUSD analysis

NZDUSD 4 hour forex chart

EURAUD analysis

EURAUD daily forex chart

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