USD/CHF: The pair was bearish at the very outset

EagleFX Team EagleFX

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.

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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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