RLinda ! USDCHF-> Support retest. Probability of a bounce

3 Mar 2023

USDCHF after breaking through the resistance of the uptrend forms a price channel, directed behind the trend. What to expect from the price approaching the support?

Previously, the price has repeatedly confirmed the support of the uptrend, forming below the liquidity zone, there is a high probability of a rebound from the support zone and growth of the price to the resistance of the formed range, as we have an uptrend, the range with clearly defined boundaries.

I expect a bounce of the price from the support zone of 0.9359 (a false break and a test of the upward 200-hour moving average is possible). The short-term target is the resistance at 0.94110, the medium-term target is the upper limit of the channel at 0.94500.

Regards, R. Linda!