03.11.2021 03:20 PM
USDCHF inside bearish channel, but price expected to make a trend reversal.

Yesterday USDCHF made a strong bounce but we warned traders that bulls need to push price above 0.9150 in order to change trend to bullish. Price continues to trade inside the short-term bearish channel since the end of September.

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Blue lines- bullish channel

Orange line - major support trend line

USDCHF got rejected at the upper channel boundary and is turning lower. Price could form a higher low and break the bearish channel, this scenario has increased chances of success as price is also very close to the major orange support trend line. As long as price is above 0.9080 we are bullish. Currently price is at 0.9127 and I prefer to be long, expecting a push above 0.9150. 0.9175 is my first target and 0.9220 is my second target. Our final and third target is at 0.9290. From a risk reward perspective, we are at a price level that favors such a strategy.

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