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Good morning forex friends!  With the September US NFP report finally coming out this week, the focus remains on the US and the Greenback.  Is the small movement in USD/CHF an opportunity for quick momentum?

Before you move on, for those who are not familiar with my framework, signals, setups, or acronyms, please visit my discretionary trading framework blog.

Forex USD/CHF 1 hour
Forex USD/CHF 1 hour

I’m only in watch mode right now as we’re in a rare situation with the US NFP coming out on a Tuesday. It’s usually released on a Friday, which tends to have a different participation profile from traders who tend to trade differently as the weekend comes to a close than on a Tuesday. I’d like to see what the September number brings and how the market reacts to it before taking on a possible swing trade.

Right now, I’m bearish on USD because of the “risk-on” sentiment taken on by traders after the end of the partial US government shutdown and US debt default aversion. Looking at the 1 hour chart above, a pull back to .9100 looks like an opportunity to short USD/CHF at a better price if the story stays the same. Or a break of the major psychological support level at .9000 may be an opportunity to take a ride on the USD bear train to support levels not seen since 2011 around .8600.

So, no orders in the books for now, but I’ll be keeping a close eye on the market. Besides USD/CHF, I’m watching similar consolidation patterns on EUR/USD and GBP/USD at the moment. If I do make a move or a new observation, I’ll be sure to put it up on my Twitter and Facebook–so, check’em out to stay tuned!

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