Trade photo and explanation

I used to call this a 4hr support and resistance trade, I still do call it that, it's just that I haven't taken one for a while. I maintain my view that CHF strength can be sold and I'm putting faith in the 4hr support based on interest rate differential.

The overall market mood remains tentative, which is a big risk to the trade if the price of oil continues to rise and the CHF reverts to type and gains safe haven strength.

I've chosen the AUD based on the hawkish RBA but you could make a case to long any of the currencies Vs the CHF.

The trade is a 15 pip stop loss with 22.5 pip profit target.

In days gone by, I would have let this trade run to completion, but with the recent CHF hand-over volatility, I will close the trade before end of day. Which is a shame because I'm not sure if there enough time left in the day for the chart to gather much upward momentum.

Please feel free to email any thoughts or questions: johnelfedforexblog@gmail.com