FX.co ★ USDCHF approaches key resistance trend line after double bottom

Support at 0.9025-0.9050 has held and USDCHF formed a double bottom. Price has now reached important resistance levels and a rejection here will open the way for another pull back towards 0.9025-0.9050.

Green rectangle - support area

Blue line -resistance trend line

USDCHF so far has touched the blue downward sloping resistance trend line more than three times. The last time was at 0.93 and a decline to 0.9050 followed. Price is now testing this resistance again. Resistance is now at 0.9175. A rejection here is highly likely. Short-term aggressive traders will look to go short with stops above 0.9220. A rejection here will increase chances of a pull back towards green rectangle area.