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AUD/CHF

AUD/CHF

Thomas Long, Course Instructor

When matched with the CHF with the Swiss National Bank trying to weaken their currency, you have a currency pair that is worth following for a solid buy opportunity. Here is a 4-hour chart which shows the market starting to once again print higher highs and higher lows which confirms the strong uptrend seen on the daily chart.

audchf 041510

Traders who have not yet opened a buy position have one advantage in that the recent low offers a good place for an initial protective stop. That stop could be placed at the .9761 level which means that your entry can be based on how many pips you wish to risk. Keep in mind though, that looking for a better entry might mean missing on the trade altogether. So an experienced trader would have a backup plan if the market does not retrace from here. Limit order to take profit should be twice that risk for a 1:2 risk:reward ratio.
 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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