USD/CHF 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from Nov 8 the currency pair has been in a distinct down-trend and has covered nearly four figures since then. However, the support at 0.8851 managed to withstand two attempts of USD/CHF to extend the decline, meaning there is a double bottom on the chart.
Considering that the key resistance (neck-line) at 0.8918 implied by the pattern has already been breached to the upside, the price is likely to maintain its bullish course at least until 0.9108. The nearest resistance is at 0.8987, but a more serious test of the upward momentum is expected to take place in the region of the 200-period SMA and the weekly R3 at 0.9039.

© Dukascopy Bank SA
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