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USD/CHF: The Bull has found its ground; buyers waiting for a crucial breakout

EagleFX

USD/CHF had a bounce at a level where it had a bounce earlier in the daily chart. The price produced a bullish engulfing candle. Thus, the buyers may wait for the price to make a bullish breakout at the neckline and go long in the pair. Major intraday charts look good for the Bull as well. Let us now have a look at three vital charts.

Chart 1 USD/CHF Daily Chart


The chart shows that it made a long bearish move and had a bounce at the level of 0.90200. It produced a bullish engulfing candle and headed towards the South again. At its second bounce, it produced a bullish engulfing candle. Moreover, the combination of the last three candles produces Morning Star too. Thus, the buyers may eagerly wait for the price to make a breakout at the neckline and go long in the pair. The price had its last rejection at the level of 0.91500. A breakout in the daily chart at this level may push the price towards the North. In case of a breakout at the last rejection level, the price may find its next resistance 0.94000.

Chart 2 USD/CHF H4 Chart


The H4 chart shows that the price had a bounce and produced a bullish inside bar. However, it has been heading towards the North with good bullish momentum. As of writing, the pair produced a bearish candle. The price has been bullish in the current H4 candle. If the chart ends up producing a bullish reversal candle, the buyers may go long above today’s highest high. The price may find its next resistance around 0.91600.

Chart 3 USD/CHF H1 Chart


The chart shows that the price had a bounce at the level of 0.90000 and made a bullish move. It made a bearish move; however, the level held the price and produced a bullish engulfing candle. Since then, the price has been heading towards the North. The chart shows that it made a breakout at yesterday’s highest high. Thus, the buyers may keep their eyes in the pair to go long at its weakness. The price may find its next resistance around 0.91385. On the other hand, if the price comes back within the level of 0.91000, the sellers may find an opportunity to short in the pair. In that case, the price may find its support around 0.90400.

The daily, the H4, and the H1 chart look good for the Bull. Considering these three charts, the pair may end up producing a bullish candle in the daily chart. If the candle closes above the last swing high, the pair may make a long bullish move in the daily chart too.

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