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❗ Technical alert: USDCHF 📈

2:34 PM 23 September 2020

Is this the beginning of an uptrend on USDCHF? The pair breaks above the neckline of inverse SHS pattern

 

USDCHF has been trading in a downward trend recently. However the price broke above the upper limit of the downward channel signalling a possible reversal. In addition looking at the D1 interval, the pair is trading above the key resistance area at 0.9200 which is determined by the neckline of inverse head and shoulders pattern. Should the daily candle close above it, then the upward move may accelerate.

USDCHF D1 interval. Source: xStation5

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