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Long

USDCHF- Will there be a positive SECO Economic Forecasts?

FX:USDCHF   U.S. Dollar / Swiss Franc
More positive news a head as traders await for the SECO Economic Forecasts which will determine the measure of market activity because it indicates the pace at which the Swiss economy is growing or decreasing. Traders anticipate a high reading or a better than expected number is seen as positive (or bullish ) for the CHF.
Price which opened with a bullish push up to test the previous resistance for the third time. This several test of the resistance will gradually make the resistance become weak and will likely get broken.
On the daily time frame, the price chart of USDCHF has been spotted forming a bullish chart pattern called DOUBLE BOTTOM , which has the V and U shape. This shapes are called ADAM and EVE respectively.
Adam is a term that describes how the bottom looks, in this case, a narrow, pointed bottom, perhaps with a one-day downward spike. Eve bottoms are more rounded looking and wider. If they have spikes, they tend to be more numerous and shorter. Many times the difference between Adam and Eve is the width of each over their entire height. Adam bottoms tend to remain narrow but Eve bottoms widen over their height.
The double bottom confirms as a true double bottom once price closes above the peak between the two valleys.Without confirmation you do not have an Adam & Eve double bottom .
The following are the levels to keep an eye on:
Breakout : 0.99763
Resistance 1: 1.00112
Resistance 2:1.00823
Resistance 3: 1.01572
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Ideas published should not be referred to as an investment advice.
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