CHF Currently S1 On Our Live Forex Tables
Thurs 12th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- USDCHF (Primary Focus Pair)
- EURAUD (Covered In Video)
- GBPUSD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
The Swiss Franc (CHF) is the strongest currency on both of our live forex strength and weakness tables.
Opposing the CHF is the JPY and USD, however the JPY could be a tricky market to trade currently as fear of intervention makes it more unpredictable.
USD weakness seems to be persistent despite a recent uptick in Core PPI data.
Today on the slate we have US CPI data at 1.30pm BST.
This will cause volatility across the US pairs, including the forex pair of focus today, USDCHF.
USDCHF has recently found resistance at the Daily (D1) highs of 0.9210 and has since broken down through support of 0.9100.
Our tables suggest we should be looking for shorts on this forex pair.
Daily (D1) support now turned resistance at 0.9100 would be an ideal place to short the market.
Sellers could look to target the next level of support on the D1 chart of 0.8900.
Currently price on the D1 Daily chart is sitting at trend line resistance formed from the lows on 27th July 23.
A breach of this trend line support would add confluence to further short ideas.
See Our Discord Server For Live Alerts, Pending Orders & Open Trade Updates.
Primary Focus Pair Chart:
