USD/CHF supported by double bottom

USD/CHF supported by double bottom

USD/CHF has been keeping intact bullish structure formed above the 200 SMA at H4 chart. In a technical view, the pair is forming a possible double bottom pattern that is giving momentum so far. If that level holds between the Fibonacci area of 50% and 65% around 0.9602 and 0.9552 respectively, the pair could rally towards the -23.6% Fibonacci retracement level at 0.9848.

In the bearish scenario, supports are located at 0.9552 and 0.9506. RSI indicator remains in the neutral territory.

USDCHFmH4.png

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