USDCHF BUY

USDCHF


Preference:
USDCHF has been in an uptrend since the end of December. Towards the middle of February, price started to consolidate. In that process, a break in the upward trendline formed a double bottom on the daily, resulting in a continuation of the uptrend. Price has broken above the high, clearing the 61.8 level on the Fib. If price holds at this level after retesting the 61.8, the uptrend could resume to test the 78.6.

Alternative Scenario:
In the event that the price fails to sustain its position above the specified level on the daily time frame, it could be interpreted as a false breakout, leading to the continuation of the ongoing downtrend. This situation could potentially signify a shift in the market's sentiment, as traders may view the current upward momentum as unsustainable. It is important for investors to closely monitor the price action to determine the validity of this potential false breakout.