USDCHF Retracement from Rally?
Updated
As the Federal Reserve is concerned with risks pertaining to loose monetary policy to the economy and financial stability, despite stagnant inflation levels, we are looking at a significant chance of a rate hike in the upcoming months. During the meeting, Fed did not specify the timeline of reducing their balance sheets.
Based on the charts above, we are looking at a retracement potential of the pair. After rallying up for the past week from the low of 0.95526 up to 0.96868, the pair is due for a correction downwards. We have a TP target of 0.96110 with SL at 0.96613.
Based on the charts above, we are looking at a retracement potential of the pair. After rallying up for the past week from the low of 0.95526 up to 0.96868, the pair is due for a correction downwards. We have a TP target of 0.96110 with SL at 0.96613.
Trade active
As of this writing, we remain short on this position. Our TP target remains the same at 0.96110, while we have shifted down our SL to 0.96440.Trade closed: target reached
We have successfully hit our TP target! We are still monitoring this pair at the current price level to determine if the pair would continue to fall below our TP.
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