Hello, traders! Let's examine USDCHF, as it appears to be presenting a promising trading opportunity.
In our previous analysis, we successfully hit our targets while trading a double bottom pattern, as shown here:
Now, let's assess the current situation.
The chart illustrates a V-bottom pattern. V-bottom patterns are characterized by a rapid decline in price followed by a swift increase in price.
The current price is trading at the breakout level of 0.91476. Our initial targets are positioned at the pattern invalidation level, which corresponds to 50% of its height. It's crucial to keep an eye on this setup, as it may lose its validity if the price drops below this level.
What's intriguing to note is the surge in volume at the breakout level (0.91476). My stop will be placed just below the previous low before the breakout.
Once we witness a clear breakout, after setting our stops, we'll be targeting the following levels:
- 62%: 0.95133
- 79%: 0.96130
As you can see in the chart, the pair is encountering some resistance at the breakout point (0.91476). Nevertheless, it's important to remember that every pattern has its unique psychology, and V-bottoms have demonstrated scenarios like this before.
If you find this analysis appealing, please show your support with a like, follow for updates, and have a wonderful weekend!
In our previous analysis, we successfully hit our targets while trading a double bottom pattern, as shown here:
Now, let's assess the current situation.
The chart illustrates a V-bottom pattern. V-bottom patterns are characterized by a rapid decline in price followed by a swift increase in price.
The current price is trading at the breakout level of 0.91476. Our initial targets are positioned at the pattern invalidation level, which corresponds to 50% of its height. It's crucial to keep an eye on this setup, as it may lose its validity if the price drops below this level.
What's intriguing to note is the surge in volume at the breakout level (0.91476). My stop will be placed just below the previous low before the breakout.
Once we witness a clear breakout, after setting our stops, we'll be targeting the following levels:
- 62%: 0.95133
- 79%: 0.96130
If you find this analysis appealing, please show your support with a like, follow for updates, and have a wonderful weekend!
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