USDCHF has broken out of its descending channel and is now pulling back to retest the key breakout zone, which aligns with a critical support level. This retest is crucial in confirming the breakout and establishing bullish momentum.If buyers defend this level and bullish rejection patterns emerge (e.g., bullish engulfing candles or long lower wicks), it could signal the continuation of the upward move. I anticipate a rally toward the 0.91250 level, which has previously acted as a significant area of interest.
This setup aligns with the idea of a break-and-retest pattern, offering an opportunity to join the bullish trend at a favorable entry point.
⚠️ Key considerations:
- Monitor the price action closely for confirmation before entering long positions.
- If the 0.90650 level fails to hold, a deeper retracement may occur, invalidating the bullish setup.
If you agree with this analysis or have additional insights, feel free to share in the comments!
Trade active
Trade closed: target reached
Take Profit Hit
🟢 FREE Trading Signals: t.me/danielmtrading
🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
🔥 Best Crypto Exchange - Get 45% Deposit BONUS bit.ly/43MybTA
🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
🔥 Best Crypto Exchange - Get 45% Deposit BONUS bit.ly/43MybTA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🟢 FREE Trading Signals: t.me/danielmtrading
🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
🔥 Best Crypto Exchange - Get 45% Deposit BONUS bit.ly/43MybTA
🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
🔥 Best Crypto Exchange - Get 45% Deposit BONUS bit.ly/43MybTA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.