USDCHF broad falling wedge pattern and break and retest

20 мар. 2021 г.

USDCHF
Has managed to break the broad falling wedge pattern and retested once around 0.92500 level and bounced back towards 0.93000
And we can see a series of HH HL HH pattern here which is a clear sign of the bullish trend. The next possible upside target would be 0.93500 and 0.94000
In second quarter of the 2020 USDCHF has managed to fell below the 0.90000 major key psychological and reserve bank intervention level. Most of the time USDCHF
Has bounced from this level.Due to the broad weakness in USD is the main reason for the rapid selling in USDCHF. After start of this year we can see some bullish trend in DXY
which is reflecting in this pair and managed to back above 0.90000 level and currently trading near 0.93000 level.On monday market open the price might reach around 0.92500
and i am expecting bounce towards 0.94000.
The Exponential moving average was just below the current price level which is a clear sign of the bullish trend here.The bear has to contend with these Moving averages such as 50,100
In Ichimoku cloud the cloud has turned red and its broadening too and the middle line is currently acting as another support for the bullish trend. And in Bollinger bands the price has reached around
middle band which will give a short term buying pressure
RSI has reached around 50,MACD is still above the line and green and Stochastic has reached around 80(short term fall back was expected)

Trade call
Buy @ 0.92600
Take profit @ 0.94000
Stop lose @ 0.92100