USDCHF Bounces Off 11 Month Uptrend Support

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The USDCHF is forming its 3rd straight green daily candle going into today's European morning, as it breaks above a month long downchannel resistance (on the daily chart). Significantly, the USDCHF bounced last week off ascending wedge or 11 month uptrend support (on the weekly chart), and still has 200 pips roughly of potential upside before it hits the same wedge's resistance. The market will be waiting for any unexpected announcements from the G20 meetings today. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).


USDCHF Weekly/Daily/4hr

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