FX.co ★ USD/CHF exhausted sellers

USD/CHF Upside Breakout?

The USD/CHF pair continues to stay near the downtrend line, right below the down channel's upside line signaling that the buyers are very strong. Also, its failure to come back down towards the channel's downside line signaled that the sellers are exhausted.

The pair is trading at 0.9176 level at the time of writing, way above 0.9155 today's low. Technically, the downtrend line and the 0.9193 former high are seen as upside obstacles. As long as the price stays under these levels, USD/CHF could drop again.

USD/CHF Trading Conclusion!

Staying near the downtrend line may annnounce and imminent breakout. Jumping and stabiilizing above the downtrend line and above the 0.9193 could activate an upside reversal. This scenario could also bring new buying opportunities.