#USDCHF: Retesting Double Bottom Support #forex
The price could be heading to resume upside if support holds
The pair is retesting the neckline for an earlier double bottom formation at 0.9350. Chances for a rebound is good from current levels.
I am long from current levels. However, the price is facing the cluster of 200 and 50 days averages and the descending resistance, which could stall there, so i would be booking some profits if we reach near that resistance area at 0.9500. A breakout above the 0.9530 would signal some serious upside with targets above 0.9700 for the rest of the position.
If the price fails to maintain the upside, and break back below 0.9285, i would close my long, and immediately short for a target near the latest major swing low at 0.9070.
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
The pair is retesting the neckline for an earlier double bottom formation at 0.9350. Chances for a rebound is good from current levels.
I am long from current levels. However, the price is facing the cluster of 200 and 50 days averages and the descending resistance, which could stall there, so i would be booking some profits if we reach near that resistance area at 0.9500. A breakout above the 0.9530 would signal some serious upside with targets above 0.9700 for the rest of the position.
If the price fails to maintain the upside, and break back below 0.9285, i would close my long, and immediately short for a target near the latest major swing low at 0.9070.
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.