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

USDCHF

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

 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD slips back to low ground amid coronavirus concerns

EUR/USD is trading closer to 1.08 coronavirus headlines are weighing heavily on the market. The US dollar remains bid despite falling US yields.  Earlier, the German IFO Business Climate beat with 96.1.

EUR/USD News

GBP/USD dips below 1.29 on USD strength

GBP/USD has dipped below 1.29 as the dollar gains ground amid coronavirus headlines. The EU and the UK prepare for formal post-Brexit due to talks kicking off next week. 

GBP/USD News

Crypto market consolidates prices while crushing traders' emotions

Top 3 prices remain in range and contradict indicators pointing south. Mild "fear" sentiment is inconsistent with prices in the upper range of the upward movement. XRP may be the surprise of the week and bounce upwards for technical reasons.

Read more

Gold hits fresh multi-year tops, eyeing $1700 mark

Gold continues scaling higher amid a fresh wave of the global risk-aversion trade. Heightened fears about the economic impact of the deadly coronavirus rattled investors. Absent relevant economic data is unlikely to hinder the ongoing strong move up.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures