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USD/CHF Potential Upward Movement

USD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.9233, 0.9307, 0.9372

Key Support Levels: 0.9160, 0.9095, 0.9055

Daily Chart:

The price on the higher time frame succeeded to break the bearish channel to the upside where it rallied and started to post higher highs and lows showing that we are in a clear uptrend. The pair faced a strong resistance around the 0.9233 USD mark. A correction count has been posted to the daily support which could lead to an impulsive wave in the same direction of the main trend.

USD/CHF Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame the pair is traded inside a wedge formation that represents a correction. The price failed to probe below the daily support and posted a hammer candlestick. We expect a movement to the upside and a break of the wedge all the way up to the target profit.

Signal Idea:

Buy Stop Order @ 0.9179

TP 1 @ 0.9231

TP 2 @ 0.9307

Stop Loss @ 0.9153

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.

2 comments

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