AUDCHF +50 Pips Target : EURCHF Long Idea
Thurs 2nd November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- EURCHF (Primary Focus Pair)
- EURJPY (Covered In Video)
- NZDCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| EURCHF (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | |||
| Entry Price | If Price Is Above 50MA Place A Buy Stop Order 0.9610 | ||
| Stop Loss (Min) | 0.9560 | -50 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.9680 | +70 Pips | 1 : 1.3 |
| Profit 2 |
Our AUDCHF trade hit full targets yesterday as CHF weakness continued.
CHF remains at the top of our day traders table as the weakest currency allowing us to look for further selling opportunities.
EUR has appeared as a strong currency making EURCHF the forex pair to watch for long ideas.
Price on the D1 (Daily) chart has recently traded through key trend line resistance which formed on 29th September.
The next level of resistance on the D1 chart is highs of 0.9680.
If we are going to go long in this market we could target these key D1 highs.
On the H1 chart we can see price has formed a double bottom at the previous H1 lows of 0.9560.
This shows that buyers are stronger than sellers here, our entry could come if price can close back above the 50MA.
A close above a 50MA could show momentum is building back to the upside.
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Primary Focus Pair Chart:
Technical Observations:
- EUR is S3 and CHF is W1 on the day traders table.
- Price is in a strong upward trend on the lower time frames.
- Buyers could look to target the key Daily highs of 0.9680.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
