Sophia Todorova is the host of the live trading room for the London session. She has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens. To Trade Live with Sophia Join Winners Edge Trading Premium Services.
Speculation has been rife as to whether the Swiss National Bank will be intervening in the market in an attempt to curtail their strengthening currency. However, while direct intervention often proves futile, the natural ebb and flow of the market seem unstoppable. After making the historical low at 1.3073, the eurchf slowly meandered its way up to test the down-sloping trendline on the daily timeframe.
From these levels (currently 1.3345), while it holds below the trendline resistance, it makes sense to be looking for selling opportunities. I would be willing to sell if I were to get a very strong sell setup after the trendline gets tested, but I am anticipating a break in the trendline, and for the bulls to take over for a while. For a buy setup I am watching for a daily close above the trendline, preferably above the 1.3430 level. I am tentatively considering 1.3230 for a stop, and my target for profit is 1.3720.
The Eurcad buyt setup is still not ready for entry: http://www.winnersedgetrading.com/swing-trading-opportunity-eurcad/
If you are interested in trading these setups with me, it is a good idea to follow me on twitter, since I am able to give quick updates there, and you will be able to get them instantly.
When trading always use a stop loss and calculate the proper risk management for your account. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading decisions.
Other useful blogs:
Forex Crunch: Want To Know Why You Keep Losing Trades?….Look In The Mirror
The GeekKnows- Daily commentary on eurusd
One other free trading tool I recommend is Currensee . It can be a useful tool to be able to see how other professional traders are doing.
