Here’s another bounce play seen in the USDCHF forex pair. As you can see, Swiss Franc has recovered a bit against the US dollar, sending the pair back towards its support at 0.9600. Notice that this level has already been as a turning point as most especially as a support in the recent past. Given this, there’s a good chance that the pair may bounce back. An oversold condition as seen in its stochastics also indicates a likely rebound soon. Moreover, a presence 3 southern doji candles points to the same bullish near term bias. Hence, if the 0.9600 support holds then the pair may reach at least 0.9700. A fall below 0.9600, on the flip side, may send it down to 0.9500. I’ll play my long order at 0.9600 with a target at 0.9700 and a stop loss at 0.9570 as for my technical analysis.
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