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USD/CHF Potential Upward Movement

USD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.92931, 0.93061, 0.93244.

Key Support Levels: 0.92510, 0.92322, 0.92033.

1-Hr Time Frame:

The price on the higher time frame is in a clear upward movement where it posted higher highs and lows. A correction has been posted to the strong support around the 0.92500 CHF mark. An engulfing bullish pattern has been posted this shows that the buyers took control of the market and an indication that the correction ended. A new wave to the upside could be seen soon.

USD/CHF Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the price succeeded to break the bullish flag formation to the upside after finding buyers around the 50% Fibonacci retracement level. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.92569

TP 1 @ 0.92931

TP 2 @ 0.93061

Stop Loss @ 0.92391

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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