USDCHF Remains In Uptrend

USDCHFH1The US Dollar after trading as low as 0.9552 against the Swiss Franc found support and started an upside move.

The USDCHF pair moved higher and broke the 0.9600 resistance, 100 hourly simple moving average and the 50% Fib level of the last decline from the 0.9732 high to 0.9552 low.

The pair is currently following a decent ascending channel with support at 0.9640 on the hourly chart. As long as the pair is above 0.9640, there is a chance of buyers gaining pace above 0.9690 for further gains.

Buying dips near 0.9640 might be considered with a stop on a close below the channel support trendline.

 

Leave a Reply