Daily Trading Signal
* USD/CHF at 0.8870, immediate support at 0.8865, triple bottom on 2-hour time frame.
* Bullish correction possible with doji and bullish engulfing candlestick near 0.8865, RSI and MSCD oversold.
* Buy above 0.8865, target 0.8900 or 0.8925, stop loss below 0.8835.
The safe haven currency pair USD/CHF is currently trading around the 0.8870 level and is facing immediate support around the 0.8865 level. This support level is reinforced by a triple bottom formation that can be seen on the two-hour time frame.
The formation of a doji and bullish engulfing candlestick pattern near the 0.8865 level indicates that there may be a bullish correction in this pair. Additionally, the RSI and MSCD indicators have entered the oversold zone, which could give investors another reason to consider a buy position above the 0.8865 level.
The recommendation is to look for a buy position above 0.8865 with a target of 0.8900 or 0.8925, and to have a stop loss below the 0.8835 level.
USD/CHF - Trade Idea
Entry Price – Buy Above 0.88649
Stop Loss – 0.88401
Take Profit – 0.89253
Risk to Reward – 1 : 2.45
Profit & Loss Per Standard Lot = +$604/ -$248
Profit & Loss Per Micro Lot = +$60/ -$24
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