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USD/CHF Potential Upward Movement

USD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.92240, 0.93710, 0.94000.

Key Support Levels: 0.91422, 0.90765, 0.90448.

Daily Chart:

The price on the higher time frame failed to break a strong support around the 0.90448 USD which led to a reversal and a move to the upside. In addition, the market succeeded to break the expanding wedge formation where after it we expect further movement to the upside.

USD/CHF Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish channel formation where it found buyers near the 61.80% Fibonacci retracement level and a bullish engulfing pattern has been posted. A lower correction is expected to the highlighted zone before a new bullish impulsive wave.

Signal Idea:

Buy Limit Order @ 0.91722

TP 1 @ 0.92230

TP 2 @ 0.93710

Stop Loss @ 0.91551

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.

One comment

  1. Hi, this signal was a bit unclear as it had a buy order with a level the same as the market price. Am I missing something?

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