USD/CHF: The Bull Domination Continues

• USD/CHF has been bullish on the H4 chart.
• The pair trades above the SMA 30.
• The H1 chart is about to make a significant bullish breakout.
• Intraday price action has been bullish.

USD/CHF- Technical Analysis-H4 Chart

The H4 chart shows that the price has been heading towards the North with moderate pace. It consolidated around the simple moving average 30 last week. Upon producing a bullish engulfing candle, it headed towards the North. As of writing, it consolidates again. The buyers may be waiting for the price to make a breakout at consolidation resistance to go long on the pair. The price may find its next resistance around 0.90185. Cynical buyers be waiting for the price to come at the simple moving average 30 again to produce a bullish reversal pattern to offer them long entries. If that happens, it would offer better risk-reward. Thus, it may generate good bullish momentum.

On the downside, the sellers must wait for the price to produce a strong bearish reversal pattern followed by a bearish breakout at the SMA 30 to look for short opportunities.

Price Action Analysis-H1 Chart

The H1 chart shows that the price has been heading towards the North by making long bearish correction. At the last correction, it produced a bullish inside bar but headed towards the North with strong bullish momentum. As of writing, the pair trades above 0.89750. This is a significant level. If the chart makes a breakout and confirms it, the buyers may push the price towards the North. The price may find its next resistance around 0.90185.

Considering both charts, it seems that the bull is going to dominate in the pair. Other major charts show that the price has enough space to travel towards the North. Thus, we may see that the pair remain bullish on the H4 and H1 chart for a good period of time.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn