Tuesday, July 28, 2020

Bullish Setup On USDCHF

Marco Tosoni

FХ Strategist & Financial Commentator

During the second quarter of this year, after testing the resistance around 0.99 area, this pair has started a bearish rally with the prices to fall towards 0.9150 area nearby last March support zone, after a sharp drop that lasts throughout the whole last week.

During yesterday’s session, this pair has also scored a new yearly bottom, followed by a prompt bounce with the quotes to rise towards 0.9200 area around the opening price and a daily doji candle formation.

Looking at the RSI indicator, we can detect a new bullish setup, that combined with the major support around 0.9150, could favour a rise of the dollar with the chance to come back towards the bottom area set during the last month of June.

The setup would be activated in case of a breakout of yesterday’s tops, around 0.9240 area. The stop loss must be placed at 0.9140 below the yearly bottom, while the target price can be predicted around 0.9360 area nearby last June support zone.

As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.

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