USDCHF
USDCHF Major Forex Pair
Today, the USDCHF forex pair has successfully held support from a swing low established on December 20, 2024. We did observe a strong bearish movement at that level, but the previous days have shown two bullish candles. Today, we have broken out of a trendline on the lower time frames and have also broken above the lower high structure.Â
A Closer Look at the 4-Hour Chart
I find the price action on the 4-hour chart quite promising. The approach to the support area has created clear lower lows and lower highs, with notable wick rejections that indicate strong movement. Additionally, the divergence on the Money Flow Index is significant.
The price is currently in a breakout phase. If we manage to close above the recent lower high, it will signal a positive new trend. I also appreciate that this lower high aligns with the lower low within a falling wedge pattern. Overall, the indicators point to a favourable trading setup for USDCHF, and I will provide an update as more price action unfolds later today. Stay tuned!