USDCHF Buys

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On the USD/CHF daily chart, the pair has been in a downtrend since mid-May, reaching a strong support area in mid-September. After consolidating at this level, we saw a breakout on October 4th, followed by a retest of the previous resistance, now turned support. Yesterday’s daily candle closed bullish. On the 4-hour chart, the pair is respecting an uptrend line and has bounced from this support. The next target is the previous high from mid-August, before the consolidation. The trade has a 1:2.2 risk-reward ratio. Let’s see how it unfolds.