USDCHF Correction Due To Produce A Reversal Pattern?

USDCHF has been in a Correction Wave since the beginning of January and we now see that Price may have finally found Support at the 1.809 Fibonacci Extension Level of the Correction Wave.

With both Lows in March finding Support at the 1.809 Fibonacci Extension Level, Price is beginning to form what looks like a Reversal Pattern, the Double Bottom!

** Confirmation of Pattern will come when Price Breaks and Closes Above .8863, then we will be looking for a Long Opportunity to present itself as a Break and Retest Set-Up. The Retest will Validate the Trade Idea!

If we take the height of the Pattern and apply it to the Break of Confirmation, this puts the Potential Target at Previous Area of Support of the Correction Wave ( Point A ) in the .8975 area.

Fundamentals seem to Support the Bullish Idea with:

SNB Cutting Interest Rates by 25 Basis points from .5% to .25%
FED Holding Interest Rates @ 4.5% due to "Economic Uncertainty"

Unemployment Claims for USD came in as expected with no surprise and even 1K below Forecast ( Actual 223K / Forecast 224K )

Also Positive Outlook from Philly Fed Manufacturing Index and Existing Home Sales see USD rise.

Next Weeks Final GDP on Thursday, March 27th will be the next big News Event to bring some light to how the economy is doing and if USD will continue strengthening!