USDCHF – Bullish outside day confirms sentiment

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Technical

Monthly: Three consecutive positive monthly bars have been followed by indecisive price action around the 1.0000 psychological area. Remains in a corrective bullish channel. The trend of higher lows (from 2012 and 2015) is currently located at 0.9357. With horizontal resistance located at 1.0340.

Weekly:  Sideways price action has been contained within the range 0.9800-1.0063. Short-term trend support comes in around the 0.9890 area. Forming a bullish pennant with a bias to break to the upside.

Daily: Mixed and volatile trading has resulted in sideways price action over the last week.  Trend line, horizontal and Ichimoku cloud support is located around the 0.9900-0.9920 area. Bullish outside day posted confirms a clear reversal.

Action:

We look to Buy at 0.9940

Stop: 0.9890

Targets:  1.0065 and 1.0112

STOPPED AT 0.9890

 

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