The double bottom (.8699/.8703) reversal remains intact. The
current rebound off the .8856 low (near the 20-week weekly MA and 50% of
.8703/.9038 rise) probed above the multi-month falling channel resistance (from
.9841 on the weekly chart) to trigger further bullish momentum towards .9038.
Bullish studies confirm the view. Above .9038 would stage the key resistance at
.9158, near the 200 week MA and the former triangle lower bounds (linking
.8931/.9021).
On the downside, a break below .8856 would negate the
bullish scenario and retest the .8703/.8699 zone.
Trading bias:
Buy zone: .8920-.8950
Stop below .8856
Target near .9158
USDCHF weekly chart
USDCHF daily chart
USDCHF 240 minute chart
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