Home Forex Market Analysis Forex Signals USDCHF Intraday Upward Breakout

USDCHF Intraday Upward Breakout

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Description

The USDCHF pair in its 2-hour chart shows an intraday upward breakout, which leads us to expect a short-term rally.

The price action unveils a bullish reaction from the June 11th low at 0.9376, from where the price fueled raising until 0.9553 in three internal moves. 

The breakout observed in the Tuesday 16th trading session, and confirmed by the RSI oscillator carries us to expect a new upward leg as a wave (c) developed in five internal segments. This potential ascending move could boost to USDCHF until 0.9603 in where the pair could complete its third leg.

The invalidation level of this upward scenario locates at 0.9437.

Chart

Trading Plan Summary

  • Entry Level: 0.9501
  • Protective Stop: 0.9437
  • Profit Target: 0.9603
  • Risk/Reward Ratio: 1.55
  • Position Size: 0.01 lot per $1,000 in trading account.

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