USD/CHF Grows Within Up Channel

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USD/CHF Grows Within Up Channel

USD/CHF Grows Within Up Channel

USD/CHF Grows Within Up Channel

USD/CHF has managed to stabilize above the major downtrend line and now is expected to resume the upside movement. The pair increases within an ascending channel, so the bias will be bullish as long as the pair stays within this pattern.

As you already know from my previous analyses on this pair, USD/CHF should register an important upside movement after the breakout above the downtrend line. It has tried to retest the broken downtrend line right below the 0.9154 level, but it has failed signaling strong buyers.

The 0.9220 former high is seen as an important resistance, upside obstacle, a breakout of this level suggests buying. Such a breakout could bring an upside breakout from the up channel.

  • USD/CHF Trading Tips

The outlook is bullish, USD/CHF is expected to reach fresh new highs as long as it stays above the up channel’s support, downside line. A minor retreat could bring another buying opportunity. Also, a breakout followed by a consolidation, retest of 0.9220 could represent a buying opportunity as well.

If USD/CHF continues to grow, 0.9388 level could be used as a potential upside target.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/188906/