Chart pattern- Descending triangle break out
USDCHF formed a double bottom around 0.8400 and showed a minor pullback. It hit a high of 0.84854 and is currently trading around 0.84765.
Intraday trend is bullish as long as support of 0.840 holds.
Technicals-
The pair trades below 34 and 55 EMA in the one-hour chart.
The near-term resistance is around 0.84860, a breach above targets 0.8500/0.8540. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair breaks above 0.8540. The immediate support is at 0.84500, any violation below will drag the pair to 0.8430/0.8400/0.8365 (61.% fib projection)/0.8340.
Indicator (1-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. Overall trend is bullish
It is good to buy on dips around 0.8480 with SL around 0.8450 for a TP of 0.8540.
