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USDCHF, Candlestick Analysis

12/28/2022 10:18 AM


On the four-hour chart, at the level of 0.9242, the Morning Star candlestick analysis pattern is observed, and at the level of 0.9293, Inverted Hammer is seen, both of which are reversal patterns and signal the intention of the "bulls" to strengthen their positions. In addition, a Dragonfly Doji pattern has now formed, the lower shadow of which emphasizes the strong buy level in the area of 0.9293. The combination of these models portends an early reversal of the USD/CHF pair upwards, and if buyers successfully overcome the resistance level of 0.9343, the price may recover to the zone of 0.9455–0.9604. An alternative scenario is likely after the "bears" consolidate below the key support level of 0.9242, and then the negative dynamics may intensify up to the level of 0.8939.


On the daily chart, there is a Falling Wedge price pattern, which was left by the price at the level of 0.9293, which is confirmed by the formation of Hammer, Inverted Hammer and Morning Star reversal candlestick patterns in the range of 0.9242–0.9343. This is a "bullish" reversal pattern of price growth, which in the current conditions suggests an upward movement of the trading instrument in the range of 0.9455–0.9604.

Support levels: 0.9242, 0.9107, 0.8939. | Resistance levels: 0.9343, 0.9455, 0.9604.

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