FX.co ★ blaise.rogahn | USD/CHF

Regarding USD/CHF on Friday, after updating the minimum of the previous daily range and failing to reach the local support level, which, according to my analysis, is located at 0.90746, the price reversed and confidently pushed to the north, resulting in the formation of a bullish candle that closed inside the forming accumulation. I fully admit that next week there may be an impulsive price breakout to the north, and in this case, as I have mentioned before, I plan to focus on holding the resistance level, which, according to my analysis, is located at 0.92448. There could be two scenarios near this resistance level. The first scenario involves the price consolidating above this level and further moving to the north. If this plan is executed, I will expect the price to advance towards the resistance level at 0.94096. Upon the price settling above this resistance level, further northward movement will be anticipated, up to the resistance level at 0.95986. Near this resistance level, I will expect the formation of a trading setup to help determine the next trading direction. Of course, I acknowledge that during the price movement towards the designated far northern target, there may be southern pullbacks, which I plan to use to search for bullish signals from nearby support levels, in anticipation of a resumption of growth within the overall bullish trend. An alternative scenario for price movement when approaching the resistance level at 0.92448 would be a plan involving the formation of a reversal candle and a resumption of downward price movement. If this plan is executed, I will wait for the price to return to the support level located at 0.90746 or the support level at 0.89999. Near these support levels, I will continue to search for bullish signals, expecting a resumption of upward price movement. In short, next week, I locally anticipate the price to continue moving to the north and test the nearest resistance level, and then, considering the global northern trend, I will prioritize bullish scenarios.