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USD/CHF: The Bull may take over

EagleFX

USD/CHF produced a bullish engulfing candle at a level of support where the price had several bounces. The candle closed above the last highest high as well. Thus, the pair may head towards the North. The next level of resistance allows the price to make a long bullish wave, which may attract more buyers to go long in the pair. Major intraday charts look good for the bull too. Let us have a look at three vital charts.

Chart 1 USD/CHF Daily Chart


The chart shows that the price had several bounces at the level of 0.93750. At the last bounce, the pair produced a bullish engulfing candle closing above the last swing high. The buyers may go long above yesterday’s highest high and push the price towards the North further. The chart suggests that the price may find its next resistance at 0.95300. The price may consolidate around the level and head towards the North further upon a bullish breakout. This means the bull has a long space to travel.

Chart 2 USD/CHF H4 Chart


The H4 chart shows that the price produced a double bottom and made a breakout at the neckline. The price may continue its bullish move. However, the buyers may wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. The price may find its next resistance around 0.95000. If the price consolidates around the breakout level and it makes a bearish breakout, it may get choppy before finding its next direction.

Chart 3 USD/CHF H1 Chart


The chart shows that the price made a strong bullish move and found its resistance around 0.94580. Upon finding its support, the price produced a bullish engulfing candle and headed towards the North again. A breakout above 0.94580 may push the price towards the North with good bullish momentum. The price may find its next resistance around 0.94750. Since the daily and the H4 chart are bullish biased, the H1 buyers may consider holding some part of the entries to grab more pips. On the contrary, if the level of 0.94580 works as a level of resistance and produce a bearish reversal candle, the sellers may wait for the price to make a breakout at 0.94385 to go short in the pair. The price may find its next support at 0.94000.

The daily and the H4 chart are bullish biased, but the buyers may have to wait to go long to get a better risk-reward. The H1 chart looks extremely good for the buyers. Considering these three charts, the pair may end up producing another bullish candle in the daily chart.

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