USD/CHF Long-Term Trend: Bullish
Key Resistance Levels: 0.9233, 0.9307, 0.9372
Key Support Levels: 0.9160, 0.9095, 0.9055
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
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.
Buy Stop Order @ 0.9179
TP 1 @ 0.9231
TP 2 @ 0.9307
Stop Loss @ 0.9153
Trade Safely 🙂