FX.co ★ USD/CHF to resume uptrend

USD/CHF Sell-Off

The USD/CHF pair dropped like a rock after failing to approach and reach the 1.0059 higher high and after its failure to stay above the 1.0000 psychological level which was seen as an upside obstacle.

As long as it stays above the uptrend line, the price could resume its uptrend. The uptrend line represents a downside obstacle. Also, the 0.9887 former low is seen as a downside obstacle.

USD/CHF Trading Conclusion

Testing and retesting the uptrend line could announce a new upwards movement. Technically, the buyers could have a good buying opportunity as long as the rate stays above the uptrend line.

Only dropping and stabilizing below the uptrend line and under 0.9887 could signal that the uptrend is over and that the USD/CHF could develop a new downtrend.