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USD/CHF Potential Upward Movement

USD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.93100, 0.93321, 0.93550.

Key Support Levels: 0.92363, 0.92184, 0.91948.

Daily Chart:

The price on the higher time frame found support around the 0.92350 CHF mark where the buyers managed to overwhelm the sellers. The market reversed and moved higher and we could see the long wicks to the downside which shows that the bulls are in control.

USD/CHF Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair posted an inverse head and shoulders near the key support level which led to a fakeout and then a reversal to the upside. The market is showing a small range above the new resistance area (now support), where we expect a huge move to the upside in the coming hours.

Signal Idea:

Buy Limit Order @ 0.92374

TP 1 @ 0.93078

TP 2 @ 0.93321

Stop Loss @ 0.92142

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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