Best Trade Ideas for April
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
USD/CHF: approaching the bottom?
Information is not investment advice
Mid-term
As you can see on the H4 chart of USD/CHF, the price has been consistently going down since at least the beginning of April. Currently, it trades above 0.8950 having bounced off this support. What's the likely next move? That's the case when we have to look for the answer in a larger timeframe.
Long term
The strategic view shows that the currency pair is at seven-year lows now. 0.8950 is only slightly higher than the range 0.87-0.88 - the true bottom the pair may be dropping to. Therefore, expect the possibility of further downswing until it enters this support range. However, once it goes below 0.88, watch for the upside reversal chart patterns as it is likely to rise and float towards 1.00 again - as it's been doing during the last seven years.
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