Technician

#USDCHF: Retesting Double Bottom Support #forex

FX:USDCHF   U.S. Dollar/Swiss Franc
1636 2 35
The price could be heading to resume upside if support holds

The pair is retesting the neckline for an earlier double bottom formation at 0.9350. Chances for a rebound is good from current levels.

I am long from current levels. However, the price is facing the cluster of 200 and 50 days averages and the descending resistance, which could stall there, so i would be booking some profits if we reach near that resistance area at 0.9500. A breakout above the 0.9530 would signal some serious upside with targets above 0.9700 for the rest of the position.

If the price fails to maintain the upside, and break back below 0.9285, i would close my long, and immediately short for a target near the latest major swing low at 0.9070.

Good luck
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Warden
2 years ago
snapshot

i short usdchf at 0.95362
the first target is at 0.93584
the second target is at 0.92486
i think longing at 0.92486 is a good deal
because of 2618
Reply
ashif030
2 years ago
nice :-)
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