USDCHF Double Bottom Pattern in PlayThe Swiss franc triggered a double bottom pattern earlier today as the price traded below the August 14th and August 19th low of 0.8617. This pattern suggests a potential drop of 118 pips, which could bring the price down to around 0.8500, though this target might be ambitious in the short term.
However, a move towards the August 8th low of 0.8560 would not be surprising. The nearest resistance cluster lies between 0.8617 and 0.8635. As long as the price remains below 0.8635, it could push towards 0.8590, followed by 0.8560.
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