Pediafx – USDCHF was able to maintain gains in the European trading session (25/8/2023), this increase was marked by prices being able to break out the daily high of 0.88502 and form a new high area.
A breakout in forex is a price break from an important level, such as the highest (High) or lowest (Low), Support Resistance, Supply or Demand Area, to a psychological level.
The following is a technical reference for taking long positions for USDCHF products:
Entry Price: 0.88480 – 0.88550
Support Level 1: 0.88300
Support Level 2: 0.88190
Resistance Level 1: 0.88755
Resistance Level 2: 0.88860
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