FX.co ★ USD/CHF Continuation Pattern!

USD/CHF was into a temporary drop but now it seems that it has found strong support again. A temporary decline was expected after the last impressive rally.

The pair has reached strong downside obstacles, so potential growth is favored. Surprisingly or not, USD/CHF increases even if the US has reported some poor economic figures. USD/CHF increases as the DXY has rebounded.

USD/CHF Found Strong Support!

USD/CHF has dropped after failing to reach the 38.2% level. It has printed a minor Falling Wedge pattern which could bring us an upside continuation.

It has failed to stabilize under the 50% retracement level and below the descending pitchfork's median line (ML). A valid breakout above the minor immediate downtrend line could activate further growth.

Conclusion!

Staying above the median line (ML) and making a valid breakout from the current pattern could bring potential growth towards the upper median line (UML).