Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

USD/CHF Forms Triple Bottom: Bullish Reversal or Temporary Bounce?

USDCHF formed a triple bottom near 0.8180 and showed a minor pullback. It hit an intraday high of 0.82685 and is currently trading around 0.82666. Intraday bias appears to be bullish as long as the support 0.8180 holds. 

Markets eye US Durable goods order data and SNB chairman speech today for further direction.

Technical Analysis Points to Further Upside

The pair is trading above the   55-EMA, below  200 EMA and 365 EMA on the 1-hour chart indicating a mixed trend. The immediate resistance is at  0.8272 any break above targets 0.8300/0.8350/0.8375.

Support Levels and Potential Declines

On the downside, near-term support is around 0.82250, any violation below will drag the pair to 0.8180/0.8135/0.8090/0.8000.

Bullish  Indicators

CCI (50) - Bullish

Directional movement Index -  Bullish

Trading Strategy Recommendation

It is good to buy on dips around 0.8258-60 with a stop-loss at 0.82220 for a TP of 0.8378/0.8405.

 

 

 

 

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.