FX.co ★ USD/CHF: upside continuation confirmed above 0.9437

USD/CHF New Uptrend!

The USD/CHF pair registered a sharp growth from right below the 0.9300 psychological level to 0.9437 in the short term. Still, after this strong rally, the rate dropped a little and now is trading at 0.93977. As you can see on the H1 chart, the 0.9437 former high stopped the last upside movement. This level represents an upside obstacle, the price dropped after reaching it.

Still, as long as it stays above the uptrend line, the USD/CHF pair could resume its uptrend. Technically, the uptrend line is seen as a dynamic downside obstacle.

USD/CHF Trading Conclusion!

Passing and stabilizing above 0.9437 activates further growth and represents a new buying opportunity.