• July 30, 2024
  • Trade ideas

USDCHF: Double Bottom

USDCHF, H4

USDCHFH4.png

On an H4 timeframe, USDCHF formed a double-bottom pattern, navigating a downtrend. The MFI oscillator shows a bearish hidden divergence, giving the asset an extra bearish sentiment.

  • If the price rebounds from the 0.8870 resistance, it could retreat to 0.8830;
  • Conversely, a break above the trendline might propel the asset to 0.8920.
TRY TRADING NOW

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

Share with friends:

Author: Timur Yurdagyul