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USD/CHF: Triple Bottom support pushing the price towards the North

USD/CHF produced a bullish engulfing candle on the daily chart yesterday at a significant level of support. Major intraday charts show that the price is trading around a flipped level of support. Thus, the pair may remain bullish if the price makes a bullish breakout at yesterday’s highest high. Consecutive two bullish daily candles may make the pair very bullish in the coming days. Let us now have a look at three key charts.

Chart 1 USD/CHF Daily Chart



The chart shows that the price has had three bounces around the level of 0.94530. It produced a bullish engulfing candle yesterday at its third bounce. The candle closed within the level where the price had rejection earlier. Thus, if the price makes a breakout at this level, it will be considered as a neckline breakout. Since it is triple bottom support, hence the buyers may go long in the pair aggressively above the neckline. The chart shows that the price may find its next resistance around 0.97400.

Chart 2 USD/CHF H4 Chart



The H4 chart shows that the price had a bounce at the same level twice and made a breakout at the neckline at 0.95100. The pair is trading around the level now, and this level had already produced a bullish inside bar. The buyers may go long above the wave’s highest high. The price may find its next resistance around the level of 0.95750. Since the daily chart is bullish biased, the next H4 bullish move may head towards the North with good bullish momentum. In case of a bearish breakout at the level of 0.95100, the price may get choppy and find its next support around the level of 0.94800.

Chart 3 USD/CHF H1 Chart



The chart shows that the price heads towards the North with extreme bullish momentum. On its way, it made a significant breakout at the level of 0.95080. The price then came down and made a bearish correction. The pair has been trading around the level of 0.95080 for quite a while. The buyers may wait for a breakout at the highest high of the wave to go long in the pair. The price may find its next resistance around the level of 0.95550. In case of a bearish breakout, the price may find its next support around 0.94900.

Considering these three charts, the pair may end up producing a bullish candle on the daily chart. If that happens, the pair may remain bullish in the coming days.

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Tuesday, 30 Jun, 2020 / 6:14

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