USDCHF Double Bottom Pattern in Play
The Swiss franc triggered a double bottom pattern earlier today as the price traded below the August 14th and August 19th low of 0.8617. This pattern suggests a potential drop of 118 pips, which could bring the price down to around 0.8500, though this target might be ambitious in the short term.
However, a move towards the August 8th low of 0.8560 would not be surprising. The nearest resistance cluster lies between 0.8617 and 0.8635. As long as the price remains below 0.8635, it could push towards 0.8590, followed by 0.8560.
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However, a move towards the August 8th low of 0.8560 would not be surprising. The nearest resistance cluster lies between 0.8617 and 0.8635. As long as the price remains below 0.8635, it could push towards 0.8590, followed by 0.8560.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information
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