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FxWirePro- USDCHF Forms Bullish Gartley, Targets Upside Despite Bearish Bias

Chart pattern- Bullish Gartley pattern

Potential Reversal Zone (PRZ)- 0.8070

USDCHF pare most of its gains  improving risk mood. It hits an intraday low of 0.80877 and is currently trading around 0.80866. Intraday bias appears to be bearish as long as the resistance 0.8140 holds.  


Technical Analysis Points to Further Upside

The pair is trading below  the   55-EMA, 200 EMA and 365 EMA on the 4-hour chart  indicates a bearish trend. The immediate resistance is at  0.8140 any break above  targets 0.8180/0.8250/0.8300.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8080, any violation below will drag the pair to 0.8000/0.7920.

Indicators (1-Hour)

CCI (50) - Bearish
Directional movement Index -  Bearish

Trading Strategy Recommendation

It is good to buy on dips around 0.8070 with a stop-loss at 0.8040 for a TP of 0.8185..

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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