EUR/CHF is sporting a possible Double Bottom!
Will this lead to be pair reversing in the next couple of days?
Let’s take a look at the daily chart for clues:
EUR/CHF Daily Forex Chart by TV
I don’t know if you’ve noticed, but EUR/CHF found support from the .9525 area not once, but TWICE in the last month.
Thing is, the two bounces also formed a Double Bottom pattern on the daily time frame with the .9630 area serving as “neckline.”
Is EUR/CHF ready for a bullish reversal?
The pair still has a couple of pips to go before testing its neckline so y’all still have time to whip up trading plans if you’re planning on trading the pattern.
A clear breakout above the Pivot Point resistance that we’re watching opens EUR/CHF to a move to the .9750 area of interest if not the .9800 major psychological handle.
Not convinced that EUR/CHF can see enough bullish pressure to sustain a reversal?
You can also look for a rejection at the .9630 neckline and Pivot Point area for possible short opportunities.
A clear bounce lower from the resistance zone could drag EUR/CHF back to its .9525 lows or even new monthly lows in the next few days.
Watch this one closely, yo!