USD/CHF Bull Flag

[DannyBly]

Looking at the daily chart - having retraced upwards to 50% of the recent major downmove USD/CHF has been consolidating downward in a channel forming a bull flag. It retraced down to 50% of the recent upmove, while oversold stochastics begin to curve upwards.

 

[rols]

Looking at the daily chart - having retraced upwards to 50% of the recent major downmove USD/CHF has been consolidating downward in a channel forming a bull flag. It retraced down to 50% of the recent upmove, while oversold stochastics begin to curve upwards.

Analysis By TradersLog.com

That's amazing!
Is it being influenced solely by its own by TA or even perhaps events in the World markets such as the falling price of oil and Gold today?
How do you suggest this knowledge could be put to use?
How would you trade it?
What, why and when please?

 

[DannyBly]

Hi Rols - I would look for support at the lower trendline of the channel and resistance along the upper trendline - if it can break out to the upside I would expect good follow through - particularly if it can make it through the major 50% level as marked on the chart above.