Hi Traders! USDCHF short term buy opportunity is forming at the moment. A detailed analysis of this buy setup is as follows:
USDCHF H1 Chart:
On the H1 chart the price is moving inside a bearish channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price is at the top of this bearish channel and if we get a valid breakout here, then wait for the price to move higher further and break above the horizontal level 0.99116 as well. Once the price breaks above this horizontal level, look for pullbacks to happen and once the pullbacks completes itself, we may start looking for buys with bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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