Technicals: USD/CHF – Three White Soldiers reversal

USD/CHF daily chart below shows three white soldiers reversal. The pattern is being formed at the bottom of the larger downtrend that was set in motion following Fed’s rate hike in December 2016.

Screenshot_6.jpg

I see –

  • Falling channel – Black and Red
  • Falling trend line offering resistance around 0.9650
  • Strong rebound from 0.9557 (127.2% Fib ext. of Dec high – Jan low – Mar high)

A positive close today would signal that a bottom is in place. Key levels on the upside are 0.9688, 0.9720-0.9740.

Stops on the long trades to be placed below 0.9614 (June 6 low).

 

 

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