USD/CHF produced a bullish reversal candle at double bottom support. The candle closed with a thick bullish body with a long upper shadow. The price made a bearish move on the minor intraday charts to start its trading day. Having bounced at a level of support, it has been bullish for the five hours as of writing. The price may keep heading towards the North. If it makes a breakout at yesterday's highest high, the pair may remain bullish for some days. Let us have a look at the daily chart.
Chart 1 USD/CHF Daily Chart
The chart shows that the price had a bounce at the level of 0.96690 after being very bearish. It had a bounce around the same level yesterday. The pair was bearish at the very outset. It then got bullish. If it continues to go towards the North and ends above yesterday's highest high (0.97295), it would be a strong bullish reversal candle. A bullish candle with a long lower shadow at double bottom support means a lot to the buyers. Some buyers may wait for the price to breach the level of 0.97435 to go long on the pair.
Chart 2 USD/CHF H4 Chart
The H4 chart shows that the price found its support at the level of 0.96780 earlier. It then came back at the level and had another bounce. If the price keeps going towards the upside and makes a breakout at the level of 0.97285, the H4 buyers may go long on the pair. The price may find its next resistance at the level of 0.98000. This means the price has enough space to travel, which offers a lucrative risk-reward to the buyers.
Chart 2 USD/CHF H4 Chart
The H1 chart shows that the price found its support at the level of 0.96710 and produced a track rail. Since then, the price has been heading towards the North with an average bullish momentum. The price had a rejection at the level of 0.97080. Thus, it has been trading below this level for the last three hours. The buyers may go long above the level of 0.97080. As far as the H1 chart is concerned, the price may find its next resistance at the level of 0.97295.
The pair technically looks good for the buyers on the daily, the H4, and the H1 chart. However, the factor of massive round number 1.00000 may make the buyers come out with their trades. Thus, the next bullish wave may not be a massive one.
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.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.