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USDCHF, Candlestick Analysis

3/16/2023 10:26 AM


On the four-hour chart, at the support level of 0.9152, a series of Inverted Hammer candlestick analysis patterns is being formed, signaling a price reversal at the bottom, and around the level of 0.9212, a Hammer pattern is being formed, which warns market participants about a change in the direction of movement of the quotes of the trading instrument. Reversal patterns are confirmed by a series of Bullish Marubozu candlestick patterns, the formation of which was noted in the range of 0.9152–0.9355. In this case, the likely scenario is an upward dynamics to the resistance level of 0.9415 with subsequent movement to the area of 0.9587–0.9864. An alternative scenario is possible if the "bulls" fail to hold the key support level of 0.9152, then the negative dynamics may develop lower, up to the level of 0.8826.


On the daily chart, at the level of 0.9152, there is a formation of a large Morning Star candlestick analysis reversal pattern, which consists of five Candles, which also includes the Hammer pattern, confirming the price has reached a local base. The combination of such figures, as a rule, warns of a change in the balance of power in the market towards "bulls". In case of successful consolidation of the price above the resistance level of 0.9415, the upward dynamics will continue to the area of 0.9587–0.9864.

Support levels: 0.9152, 0.9027, 0.8927, 0.8826. | Resistance levels: 0.9415, 0.9587, 0.9724, 0.9864.

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