FX.co ★ USD/CHF: channel breakout

USD/CHF Sideways Movement!

The USD/CHF pair is moving somehow sideways in the short term. It's trapped between the 0.9558 former low which stands as a downside obstacle and the 0.9640 former high. It was trading at 0.9626 at the time of writing.

As you can see on the H1 chart, the price failed to approach and reach the channel's downside line signaling that the sellers are exhausted. Breaking above the downtrend line, through the channel's upside line indicated that the downside movement is over and that the USD/CHF pair could develop an upside reversal.

USD/CHF Trading Conclusion!

Jumping and stabilizing above today's high of 0.9647 could announce an upside continuation and could bring new buying opportunities in the short term.