Tuesday, February 28, 2012

28th February 2012 - inside bar on USDCHF

An inside bar just formed around a support level on the USDCHF which looks promising. It's currently testing a support/resistance level that was last breached back in November 2011. The next significant support level is around 0.85750, providing plenty of scope for bearish action. As you can see in the graph below, my TP is very short of this level, at around 0.87900. My TP is currently set at 2 * SL. Once my TP is hit, there's a good chance the USDCHF will continue to fall to 0.85750 but I'm going to stick to my 2:1 R:R rule and leave my TP for now.

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