USD/CHF has bounced back invalidating a further drop in the short term. The outlook is still bearish as the price is trapped within a down channel. USD has taken the lead as the USDX has rebounded after the last drop.
Price has rebounded, but a reversal and buying opportunity will be offered by another higher high, a jump above the 0.9241 level.
USD/CHF has failed to stabilize below 0.9056 range support signaling a potential upside valid breakout from this range. The currency pair has found support right on the lower border of the down channel and now it could try to return to the downtrend line.
The pair has decreased a little from the R1 (0.9162) level, a breakout above this level will notify a further increase.
- USD/CHF Trading Tips
Buy at 0.9170 with a first target at the R2 (0.9238) level, around 0.9241 critical static resistance. USD/CHF will develop a larger leg higher if the price escapes from the down channel.
Sell another drop below the 0.9056 level with a potential downward target at the S3 (0.8929) level.
