USDCHF could go up, but be careful#USDCHF appears to have created a double bottom formation in the 0.9050 level. It's quite likely that USD/CHF can go up to 0.9230 in the next few days. I would be looking to place buy trades in the support area that I have highlighted in the chart.
However, buyers must also be careful and use a stop loss below the support zone because USDCHF has gone through a prolonged sell-off. US Dollar is still struggling and there's no guarantee that the double bottom formation would work here.
That being said, this trade offers a good R:R(Risk/reward ratio) and hence, I am looking to place 2-3 standard lots of buy trades in this support area.
