FX.co ★ USD/CHF upside reversal takes shape

USD/CHF challenges 0.9402 upside obstacle

The USD/CHF pair registered a strong upside movement. It was trading at 0.9408 at the time of writing. Technically, the price action signaled that the downtrend ended and that the buyers could take it higher again.

Passing and stabilizing above the downtrend line signaled exhausted sellers and announced a new uptrend. The price could extend its growth as long as it stays above the uptrend line. The 0.9402 former high was seen as an upside obstacle. Stabilization above it may announce further growth.

USD/CHF trading conclusion

The current breakout above 0.9402 may confirm more gains ahead and is seen as a buying opportunity.