USD/CHF: Buyers to wait for consolidation and a bullish reversal
|USD/CHF produced a bearish inside bar on the daily chart yesterday. Today’s price action on the H1 chart has been very bullish for the last five hours. On its way, the price has made a bullish breakout at yesterday’s highest high. If the price consolidates around the breakout level and produces a bullish reversal candle closing above today’s highest high, the buyers may get a long opportunity to grab some green pips.
Chart 1 USD/CHF H1 Chart
The price makes a breakout at the level of 0.97480. It seems that the level of 0.97625 may work as the level of resistance. If the price comes back to the breakout level and produces a bullish reversal candle closing above the level of 0.97625, the price may head towards the level of 0.97815 with good bullish momentum.
Trade Summary
Entry: Buy above 0.97625
Stop Loss: Below 0.97480
Take Profit 1: 0.97815
Take Profit 2: 0.97975
Take Profit 3: 0.98170
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