After being bearish for a long time, USD/CHF had a bounce at a level and produced a bullish reversal candle on Friday. Yesterday’s candle came out as a bullish candle with a long upper shadow. The pair may continue its bullish move if the price makes a breakout at yesterday’s highest high. The H4 chart suggests that the price has been in consolidation, and it may get bullish later today. The H1 chart looks neutral. Let us now have a look at these three charts and find out where the pair may head towards today.
Chart 1 USD/CHF Daily Chart
The chart shows that the price had a bounce at the level of 0.90900 and produced a bullish reversal candle. The next candle came out as a bullish candle as well. However, the candle has a long upper shadow. If the price heads towards the North and makes a breakout at the level of 0.92400, the buyers may go long in the pair and push the price towards the North. The price may find its next resistance around 0.93750.
Chart 2 USD/CHF H4 Chart
The chart shows that the price made a good bullish move and had a rejection at 0.92450. The chart produced a bearish inside bar and drove the price towards the level of 0.91760. The price has been in consolidation around the level. If it produces a bullish reversal candle, the buyers may go long above the level of 0.92450. The price may find its next resistance around 0.92825. On the contrary, if the price makes a bearish breakout at 0.91760 upon producing a bearish reversal candle, the sellers may drive the price towards the South. It may find its next support around 0.91265.
Chart 3 USD/CHF H1 Chart
The chart shows that the price upon producing an evening star at 0.92400 headed towards the South with good bearish momentum. It had a bounce at 0.91660 and made a bullish correction. The price seems to get caught within 0.91660-0.91885. If the price makes a bearish breakout at 0.91660, the price may head towards the South and find its next support at 0.91400. Since the daily and the H4 chart is bullish biased, the price may make a bullish breakout at 0.91885. It may find its next resistance around 0.92400.
The daily and the H4 chart look good for the Bear. The H1 chart may go either way. Considering these three charts, it seems that the pair may end up having another bullish day today.