The pressure is easing. A support line has formed on the USDCHF chart.
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 0.79665. 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 USDCHF trade is better situated towards opening a long position strategy. Possible entry points include both current prices and retest levels of the designated resistance line.
📌 Entry: 0.79668
✔️ First target: 0.79795
✔️ Second target: 0.79881
❌ Stop order: 0.79557
