USD/CHF drops right now as the DXY is trading in the red. Still, the decline could be only a temporary one. The price action has developed a potential upside continuation pattern. The rate has escaped from this pattern, but we still need confirmation before going long.
The USD could take the lead again if the US economic figures come in line with expectations. The Revised UoM Consumer Sentiment, Personal Income, and Personal Spending could boost the pair.
USD/CHF H4 Technical Analysis!
USD/CHF has slipped lower after failing to pass above the 50% retracement level. Failing to retest the broken downtrend could signal a new upside momentum.
Technically, it could move sideways in the short term before really developing a new swing higher. Potential strong growth could be activated by a bullish closure above the 50% retracement level.
Conclusion!
Staying above 0.9166 today’s low and making a new higher high, to close above 0.9200 could really validate an upside continuation!
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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