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USDCHF - Breakout of wedge resistance. CPI ahead

2024-12-11 10:25 FOREX forecast

💡 Ideas For #USDCHF 🇺🇸🇨🇭

📈 Breakout of wedge resistance. CPI ahead

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USDCHF is showing positive signs of willingness to continue the uptrend. The dollar is consolidating in the meantime in anticipation of CPI, which creates risks for us

The currency pair is testing the support at 0.877 as part of the correction. A false breakdown and a reversal pattern is formed, which indicates the end of the correction. The price updates the local lows, and on the 4-hour timeframe it enters the realization phase after breaking the wedge resistance.

The focus is on 0.882 - 0.8848. If the bulls keep the defense above this zone even after the news, the growth of the currency pair will continue in the future, as the key liquidity zones are still untested

Resistance levels: 0.8848, 0.8887

Support levels: 0.882, 0.880

CPI is ahead and traders are not yet ready to take active action prematurely. The report may form a medium-term potential. A break of 0.8848 will be the trigger for continued upside. But, the structure will be broken if the market breaks 0.876

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