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USDCHF, Candlestick Analysis

1/3/2023 10:43 AM


On the four-hour chart, at the level of 0.9215, there is a formation of a Hammer candlestick analysis reversal pattern, which warns traders about the beginning of an upward movement, as well as a Long-Legged Doji pattern, which signals the continued uncertainty in the market and a possible upward reversal of quotes. The received signals are confirmed by the Inverted Hammer pattern, which is also a reversal one and suggests that the asset has reached the bottom and is ready for growth. In the current situation, the movement of the instrument to the resistance level of 0.9309 is likely, the overcoming of which will open the way for the "bulls" to the area of 0.9439−0.9597. An alternative scenario is possible if the "bears" reach the support level of 0.9215, then the price may drop to the levels of 0.9128−0.9031.


On the daily chart, there is a Falling Wedge pattern that is in the final stages of construction, as well as Inverted Hammer, Morning Star and Doji candlestick patterns that warn of an imminent price reversal to the upside. Most likely, the quotes of the USD/CHF pair will head towards the resistance level of 0.9309, breaking which they will be able to strengthen the upward dynamics up to the level of 0.9597.

Support levels: 0.9215, 0.9128, 0.9031. | Resistance levels: 0.9309, 0.9439, 0.9597.

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