USD/CHF is a buy?
Updated
The last time the CHF was so low against the Dollar was in 2015.
On January 15, 2015, the Swiss National Bank (SNB), which is the central bank of Switzerland, made an unexpected announcement that it would no longer maintain a currency peg between the Swiss franc (CHF) and the euro (EUR) at a fixed exchange rate of 1.20 francs per euro. The peg had been in place for over three years, and its purpose was to stabilize the value of the Swiss franc against the euro to support Swiss exporters and the country's economy.
When the SNB removed the currency peg, the value of the Swiss franc surged dramatically against other major currencies, including the euro and the US dollar. The franc appreciated by around 20% against the euro in a matter of minutes. This sudden and significant strengthening of the Swiss franc had major implications for the global financial markets and various businesses.
From the technical side, this could be a good buying opportunity if we consider that this week we finally have small signs of bullish momentum. DXY also found strong support after we saw a free fall.
Although it is too early to tell if USD/CHF has made a bottom but R/R is more than good to try. Trade can always be managed if price goes up, you can put SL on BE after 100 Pips profit
On January 15, 2015, the Swiss National Bank (SNB), which is the central bank of Switzerland, made an unexpected announcement that it would no longer maintain a currency peg between the Swiss franc (CHF) and the euro (EUR) at a fixed exchange rate of 1.20 francs per euro. The peg had been in place for over three years, and its purpose was to stabilize the value of the Swiss franc against the euro to support Swiss exporters and the country's economy.
When the SNB removed the currency peg, the value of the Swiss franc surged dramatically against other major currencies, including the euro and the US dollar. The franc appreciated by around 20% against the euro in a matter of minutes. This sudden and significant strengthening of the Swiss franc had major implications for the global financial markets and various businesses.
From the technical side, this could be a good buying opportunity if we consider that this week we finally have small signs of bullish momentum. DXY also found strong support after we saw a free fall.
Although it is too early to tell if USD/CHF has made a bottom but R/R is more than good to try. Trade can always be managed if price goes up, you can put SL on BE after 100 Pips profit
Note
So far this looks great. This will be a trade to rememberNote
We are approaching the fifth week since my entry, only green candles on the weekly timeframe so far.Note
This is a EPIC TRADENote
At the end price hit SL at BE, but manage to close 50% at +200 pips profit
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