FX.co ★ USD/CHF further growth to be confirmed

USD/CHF Challenges The Former High

The USD/CHF pair was traded at 0.9533 at the time of writing and it seems determined to resume its growth as long as it stays above the uptrend line. Failing to reach and retest the uptrend line, which represents a downside obstacle, signaled strong buyers. The 0.9502 level represents a downside obstacle as well.

As you can see on the H1 chart, the rate reached the 0.9540 former high which represents an upside obstacle.

USD/CHF Trading Conclusion

Jumping and stabilizing above 0.9540 may signal further growth ahead and could help buyers catch a larger upwards movement.

Only dropping below the uptrend line and under the 0.9502 former low may announce a new downside movement and could invalidate the upside scenario.