FX.co ★ USDCHF breaks out, back tests and bounces

USDCHF is breaking upwards. Price is following our bullish scenario we noted a couple days earlier. This break out was followed by a back test and as price has retested the broken resistance trend line, now it is bouncing higher.

Green line - bullish divergence

Red line - expected size of upward move similar to first leg

USDCHF has back tested the 0.9750 area which was once resistance and now support. Holding above the blue broken trend line resistance, will open the way for a move towards 0.99. We remain bullish USDCHF as long as price is above the 0.9750 support.