USDCHF – With USDCHF gaining strength for a second week in a row, further upside is likely in the days ahead. While maintaining above the 0.9177 level, further upside is envisaged towards the 0.9278 level where a violation will set the stage for a run at the 0.9454 level. A cut through here will pave the way for a push towards the 0.9496 level with a breach of here clearing the way for a run at the 0.9750 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, a failure to follow through higher on its past week recovery will mean a return to the 0.9177 level where a reversal of roles is likely. Further down, support comes in at the 0.8889 level where a violation will aim at the 0.8800 level. A turn below here will shift attention to the 0.8750 level. On the whole, the pair remains biased to the upside in the short term on correction.
The pair has left the descending channel at a daily chart.
It will probably return to the downward movement if it gets back below the cloud.
If it grows quickly, the pair is expected to slow down and consolidate. The consolidation is possible with a pullback to 0.9180 and 0.9126. In the case of a return to growth, the pair will go to 0.9240. The second target is 0.9280.
For the USD/CHF pair it would probably be wise to open long positions after the breakdown of the level 1.6070 to 1.6200 and with a protective order somewhere around 1.6045.
Morning, all!
The pair has stopped its downward movement. it will probably remain neutral in the near future, but overall the price is still in a downward phase, especially after the formation a “double top”.
The nearest support is around 0.9150.
If the pair bounces up and returns to a growth, then the goals are 0.9180 and 0.9230.