First trade of the week so using smaller size. Trade posted to TAP at 8:31am ET buy USDCHF at 1.0501. A few technical indicators lined up here at 1.0500. The .618 Fib of the previous upward run is at 1.0498. In addition there are historical support/resistance at this same level. This pair has also broken and now testing back towards a short term down trend line between 1.0500 and 1.0480. Looking for a bounce back to 1.0522 then 1.0545. If we get a break of 1.0545 there could be a new push towards the 1.0600′s. As normal, will move to break even up 20/25 pips and may partial profit at the 1.0522 resistance.

USD/CHF Chart Picture

This entry was posted on Monday, July 26th, 2010 at 8:00 am and is filed under Trading Signals & Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.