- USD/CHF's daily chart shows an inverse head-and-shoulders breakout.
- Other key indicators are also reporting bullish bias.
- The odds appear stacked in favor of a break above 0.98.
To start with, the inverse head-and-shoulders breakout confirmed earlier this week has created room for a rally to 0.9907 (target as per the measured move method).
Backing the bullish reversal pattern is the above-50 reading on the 14-day relative strength. Additionally, the 10-day average has crossed above the 50-day average, a sign of strengthening bullish momentum.
The bullish case would weaken if the spot drops below the Feb. 12 low of 0.9741, invalidating the higher lows setup.
|Today last price||0.9797|
|Today Daily Change||0.0003|
|Today Daily Change %||0.03|
|Today daily open||0.9794|
|Previous Daily High||0.9796|
|Previous Daily Low||0.976|
|Previous Weekly High||0.9782|
|Previous Weekly Low||0.9629|
|Previous Monthly High||0.9768|
|Previous Monthly Low||0.9613|
|Daily Fibonacci 38.2%||0.9782|
|Daily Fibonacci 61.8%||0.9774|
|Daily Pivot Point S1||0.9771|
|Daily Pivot Point S2||0.9748|
|Daily Pivot Point S3||0.9735|
|Daily Pivot Point R1||0.9806|
|Daily Pivot Point R2||0.9819|
|Daily Pivot Point R3||0.9842|
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