USD/CHF produced a Morning Star in the daily chart. The pair made a bearish move before producing the Morning Star. Now, the pair may make a reversal and head towards the North. The H4 and the H1 chart suggest that the price is in a bearish correction. It may make a bullish move upon finding its support in the respective charts. Let us now have a look at these three charts.
Chart 1 USD/CHF Daily Chart
The chart shows that the price made a bearish move and had a bounce at the level of 0.94300. It produced a Doji candle followed by a bullish engulfing candle. Since the bullish Engulfing candle closed above the last bearish Marubozu candle, the pattern is considered as the Morning Star. This may attract the buyers to look for buying opportunities in the intraday charts. The daily buyers may wait for the price to consolidate and produce another bullish reversal candle to go long in the pair. The price may find its next resistance around 0.97600.
Chart 2 USD/CHF H4 Chart
The chart shows that the price had a strong bounce at the level of 0.93900 and produced a Bullish Engulfing candle. The chart shows that the price has been in consolidation. If it produces a bullish reversal candle, the buyers may go long in the pair above the level of 0.95550 and push the price towards the North. The price may find its next resistance around 0.96500. The level of 0.94850 may play a significant role in the H4 chart. If the level holds the price as support, the price may get bullish. If the price breaches the level, it may get choppy for a while.
Chart 3 USD/CHF H1 Chart
The chart shows that the price made a strong bullish move. It has been having a bearish correction upon producing a Bearish Engulfing candle. Thus, the chart shows that it has been in consolidation within a small range. If the price produces a bullish reversal candle, the buyers may go long above the level of 0.95550. The price may find its next resistance around 0.96200. In case of a bearish breakout, the price may head towards the South at a moderate pace and find its next support at around 0.94630.
The H4 and the H1 charts look very bullish. The daily chart seems to be getting ready to make a strong bullish move. Considering these three charts, the pair may end up producing a bullish candle in the daily chart.