USDCHF—choppy

Yesterday, I bought USDCHF at 1.0706. I've moved the stop to breakeven but the pair is in choppy waters as it approaches resistance. The candles on the hourly chart are throwing off upper shadows which hints higher prices are being rejected. Again, I can't stress enough that the markets are sending mixed signals this week and standing aside may be best until there is a clear direction. In the case of this pair, a clean break above 1.0751 would build confidence that the pair will continue trending up for the time being.

Support is at 1.0680, 1.0585, and 1.0435. Resistance is at 1.0751 and 1.0890. Here's the hourly chart:















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.