AUDCHF +50 Pips Target : EURCHF Long Idea
Thurs 2nd November 2023 : Daily Forex Price Action
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)
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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