31.07.202014:27 Forex Analysis & Reviews: Trading plan for USDCHF for July 31, 2020

Exchange Rates 31.07.2020 analysis

Technical outlook:

USDCHF had dropped through 0.9056 levels during early hours of trade today. The currency pair is seen to be trading around 0.9090 levels at this point in writing and might have carved a meaningful bottom. Also note that a bullish pin-bar or hammer candlestick pattern is being produced on the daily chart as we write this article. This could be a potential bullish reversal starting Monday, as bulls prepare to regain control. Immediate resistance on the daily chart is seen towards 0.9465 while interim support is today's low around 0.9056 respectively. Also note that USDCHF seems to have completed its drop from 0.9900 as highlighted by the fibonacci extensions on the chart here. High probability remains for a bullish reversal ahead.

Trading plan:

Remain long with stop @ 0.9000, target is open

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert
InstaForex Group © 2007-2021
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