USD/CHF has already moved by more than 100 pips in my trade’s favor, so I’ve decided to lock in pips ahead of the weekend.
Last week I told you guys about how I jumped in on USD/CHF’s downtrend by entering a short at .9925. Luckily for my trade, dollar bears have pushed their cause.
USD/CHF is now trading just below the .9800 handle, which is not only more than 100 pips from my entry, but is also around this week’s bottom weekly ATR.
I still have a short-term bearish bias on the dollar especially with forex traders reacting as they did to the FOMC meeting minutes. And unless the Trump administration makes progress on the tax bill next week, we’ll likely see uncertainty continue to weigh on the Greenback.
So, since there are no immediate potential catalysts on tap, I’ve decided to lock in some pips ahead of the weekend. I adjusted my stop to .9915, which would be above the falling trend line if price hits the level at this point.
Fingers crossed for a trend continuation for USD/CHF! If it does sees momentum below .9800, I might even think of adding to my position. What do you think?
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