USDCHF continues to trade sideways above the major support trend line but still below the key resistance of 0.9150. Price is about to exit the bearish channel it is, however it is important to get a break above 0.9150 in order to confirm the short-term trend reversal.
USDCHF is very close to the long-term upward sloping support trend line at 0.91-0.9080. We remain bullish as long as price is above this level. Our expectation is for price to reverse trend and at least bounce towards 0.9220 area.
Red lines- trading range
Orange line -support trend line
USDCHF is testing the upper channel boundary. At the same time it moves inside the red trading range but remains below the key resistance. Breaking above 0.9150 is crucial for bulls and this will confirm the trend change. Support is found at 0.9115. Breaking below this level will put the major support trend line to the test.
