Hello forex peeps! It’s been a while since I last traded the forex market. After several months of getting my groove back in demo, I’m back in real action. So for my first trade, I’m going long on USD/CHF.
As you can see from its 4-hour chart, the pair is tracking its rising support. If this support holds then USD/CHF may bounce back and reach its high near 0.9750. A presence of a positive reversal or a hidden bullish divergence in other texts, where the price makes higher lows and the stochastics mark lower or equal lows, also suggests a likely move higher as for my technical analysis. Anyway, I’m placing my limit order at 0.9670 with a target at 0.9750 and a stop loss at 0.9740. Let’s see how this goes. Wish me luck!