Hello dear traders! Let me share a trading idea for USD/CHF with you.
The weekly chart reveals that the short open interest for USD/CHF that was setting the tone this summer has been eventually breached. The currency pair closed the last week with a retracement of nearly 50% of the long open interest.
So, I suggest the trading idea betting on the rise of the currency pair after a fake breakout of the buyers' spot at 0.91600.
I expect a price swing of over 1,400 pips.
We can benefit from this expected huge leap in the following two ways.
1.Open long positions at the current price with a risk/profit ratio of 1:1 (risk 0.90500, profit 0.93).
2.Open long positions from smaller time frames, using set-ups of your trading system and placing take profit at 0.93. This method will certainly increase a profit margin of your deal.
The trading idea is developed on the grounds of the two methods: Price Action and Chasing stop orders.
Good luck in trading! Make sure you manage your risks!
