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Coleman: Three bullish trends behind USDCHF
Ian Coleman from First 4 trading has three reasons why he is looking to buy USDCHF this Tuesday. Coleman says dip buying on the US Dollar index posted bullish patterns on the intraday chart thus creating a bias for higher levels. Despite failing to extend on last week’s gains, the dip was bought under 80.11, the 61.8% pullback level from 79.83-80.5. With buyers emerging close to last week’s base at .8839, Coleman sees a bullish Morning Star formation. Based on his research on the US Dollar index, Coleman has identified bullish factors behind USDCHF at the moment. He has noted that there was full AB=CD monthly formation at .8888 and levels below that of the Ichimoku Cloud found significant buyers. Finally, the monthly chart highlighted buying at .8860, the 32% pullback level from .7064 to .9971. Riding a Bullish Bias, Coleman is looking to buy at the market open, with a stop at .8845. His targets are placed at .8910 and .8930, and perhaps with a medium-term target of .9030.
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01:47 minutes
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