USD/CHF: Buyers to wait for consolidation and a bullish reversal

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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