Forex Trading

This week’s long EUR/CHF trading outlook

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Previous GBP/USD trading outcome

Axel Rudolph: Hello and welcome to this week’s Trading The Trend on Wednesday, the 3rd of April 2024. On the 20th of March, we went long the British pound against the US dollar (GBP/USD) and I’ve now basically pinpointed this point here. This horizontal line is where we went long and we had a rally straight away, but then we went down and we still have our stop loss, which is this horizontal line here down there at $1,2500, and that hasn’t been triggered. So this trade is underwater at the moment, but we haven’t triggered our stop loss on there yet. And maybe we won’t – we’ll have to see.

Previous Brent crude oil trading outcome

And another trade we did last week is to go long again on the Brent crude oil. And as you can see here, the entry level was at 85,05. So that was a perfect trade and it’s been rising ever since. So this one you can run. We’ve gone above our upside target at 87. If you want to have a trailing stop loss, take profit level, you could perhaps take it to below today’s low at 88.45. Or you could just cash it in now with a nice profit here from reward to risk perspective. We were also long previously in mid-March from around 82.50, so we fought these moves really well so far.

This week’s trading opportunity

And this week what I would like to do… unfortunately, I looked at it yesterday and it’s already moved a lot since then, is to go long the euro against the Swiss franc (EUR/CHF). And as you can see here, we had a continuation of the uptrend take us higher. So what I’m trying to do now is maybe if we were to see a minor retracement to the downside, perhaps buy into that, then with new upside targets being expected to be hit in the coming days and weeks.

So today’s “Trading the trend” is to buy EUR/CHF, the currency pair, on a minor retracement lower towardslower to CHF0.9750, with a stop loss at CHF0.9705, and an upside target at CHF0.9950.

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