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USDCHF Double Bottom Reversal Pattern
USDCHF could be in for a reversal from its downtrend, as the pair formed a double bottom after making a couple of failed attempts to break below the .8750 minor psychological mark. The neckline resistance is slightly above the .8850 level, so a break above this could set off a climb that’s the same height as the formation or around 100 pips to .8950 or higher. The 100 SMA is below the 200 SMA, though, so the path of least resistance is to the downside or the selloff is more likely to resume than to reverse. Stochastic is turning higher to suggest a pickup in bullish pressure, possibly enough to take USDCHF back to ... (full story)
