The USD/CHF pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a triangle pattern.
Key Points:
Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break above the upper trendline signifies a potential bullish breakout.
Buy Entry: Consider entering a long position around the current price of 0.8850, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the following levels: 0.8916: This represents the height of the triangle, measured from the apex (highest or lowest point) to the base (opposite trendline), projected upwards from the breakout point.
0.8953: This is achieved by adding the height of the triangle to the breakout point. These targets act as potential resistance zones that could see buying pressure.
Stop-Loss: To manage risk, place a stop-loss order below the broken support line of the triangle, ideally around 0.8830. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
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