FX.co ★ USD/CHF Violated Its Downtrend Line

USD/CHF has finally managed to jump above the minor black downtrend line signaling that the downside movement could be over. The price slips lower at the time of writing and it could retest the broken downtrend line before resuming its rebound.

Stabilizing above the downtrend line could announce a strong upside movement in the short term. Personally, I believe that USD/CHF will increase if it passes above 0.8866 former high, or if it touches the 0.8880 level.

The breakout will be validated if the rate retests the downtrend line and if it jumps above the previous high.

Trading Tips!

Buy USD/CHF from above 0.8880 and use the 0.9000 psychological level as an upside target.