In the current timeframe, there is a decrease in the selling interest. This may lead to the reversal of USDCHF.
A Double Bottom pattern has formed on the chart, indicating a possible upward reversal. An important signal to confirm of this pattern is the breakthrough of the neck line located at the level 0.77588. A breakdown of the neckline endorses a trend reversal scenario and opens up opportunities for further price growth. To do this, we must see the price consolidate above this line.
The chart prompts to focus on long positions in USDCHF. It advocates entering the market at the current levels or while reaching the level, at which the retest occurs.
📌 Entry: 0.77600
✔️ First target: 0.77839
✔️ Second target: 0.78006
❌ Stop order: 0.77379
