- USD/CHF trades at a critical level on the H4 chart.
- The price seems to have had bounces twice at a support.
- The H1 chart looks bullish.
- Intraday minor charts have been bullish.
USD/CHF- Technical Analysis-H4 Chart
The chart shows that the price made a long bullish move on the H4 chart. It had a rejection at 0.92200 and made a bearish correction. Upon finding its, support at 0.90900, it made a bullish move. It then came down again and found its support at 0.91100. The chart produced a bullish Marubozu candle. As of writing, the price has been bullish. The buyers may keep an eye to go long in the pair. The price has not made a bullish breakout at the Simple Moving Average 30 yet. However, as things stand, it may make a breakout and goes towards the upside. The price may find its resistance around 0.92230 again.
A breakout at that level may generate more buying pressure and take the price towards 0.94000.
On the downside, if the price breaches the SMA 30 towards the downside, the sellers may wait for the price to consolidate and produce a bearish reversal candle to go short in the pair. The price may find its support around 0.90450.
Price Action Analysis- H1 Chart
The chart shows that the price has been caught within a parallel channel. At the second bounce, it produced a bullish engulfing candle. Since then it has been heading towards the North with good bullish momentum. As of writing, the price is approaching towards the channel’s resistance. The buyers may wait for the price to make a breakout to go long in the pair. The price may find its resistance around 0.91950.
On the downside, if the price produces a bearish reversal pattern right at the channel’s resistance, the sellers may look to go short in the pair. The price may find its support around the channel’s support again.
The H4 chart looks good for the buyers. The H1 chart looks good. However, it may continue its bullish move if it ends up making a breakout at the channel’s resistance.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn