Technical outlook and chart setups:
1. USD/CHF has broken the longer term down trend line as seen here. Furthermore, prices have just tested the 0.8900 level, which is resistance turned support now. An engulfing bullish signal is appearing. hence recommendations are to initiate long positions. Risk is below 0.8800.
2. Immediate resistance is the recent swing highs at 0.9150, while support is at 0.8900 (intermediary), followed by 0.8850/00 respectively.
3. The entire structure reveals that a major bottom has formed at 0.8800 now. The trend has turned bullish and just about to resume its next leg rally. Minimum expectations are 0.9300/0.9400 levels from here on.
Trading recommendations:
Long now, stop at 0.8800, target 0.9400
Good luck!
