Long Swissy at Market
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This setup was discussed in the recently published Technical Analysis article, Hanging On to the Prior Trend. With this setup I’m looking to trade a reversal of the short-term retracement of the longer-term, bullish up-trend; in anticipation of strength making its way back into the U.S. Dollar over the next couple of weeks (discussed here).
Stops on the position will be set to .9877 to take on approximately 150 pips of risk. The initial profit target at 1.0177 will set up an approximate 1-to-1 risk-reward on the initial scale, at which point stops can be adjusted to break-even. Additional profit targets are set at 1.0225 and 1.0300.
Chart prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
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