USD/CHF was into a corrective phase but the pair has found strong support and now is fighting hard trying to rebound. Stil, we need confirmation before taking action, before jumping into a long position.
The USD received a helping hand from the New Home Sales indicator which was reported at 740K above 712K expected and compared to 708K in the previous reporting period. Technically, the USD/CHF maintains a bullish bias despite the most recent retreat.
USD/CHF Technical Analysis!
The USD/CHF pair has found support on the weekly S1 (0.9215) level. As you can see, it has failed to stay below the ascending pitchfork’s upper median line (UML) which was seen as a dynamic support.
Now, it has escaped from the down channel’s body and it tries to get out from the minor triangle pattern as well. Registering a valid breakout from these patterns could signal further growth. A temporary consolidation above the upper median line (UML) could attract more buyers.
Conclusion!
The temporary retreat seems over, so the USD/CHF could turn to the upside. Still, only a valid breakout above the 0.9274 could signal a strong growth.
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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