USDCHF is trading around 0.93 having a second negative week. Last week price got rejected at the horizontal resistance and previous high of 0.9460-0.9470 and closed near its lowest levels. Last week's candlestick pattern was bearish. This week price made new lower lows relative to last week but bulls have managed to reclaim so ground.
Red line - upward sloping trend line support
USDCHF is trading inside and upward sloping triangle pattern. Price continues to respect the red trend line coming from the end of 2020. This upward sloping trend line has been confirmed many times so far, it is safe to say that as long as price holds above it, there is no danger for bulls. On the other hand, bulls will need to break above 0.9470 in order to hope for a move higher in the longer-term. Bears will need to defend the horizontal resistance at 0.9460-0.9470 and eventually break below 0.9150 in order to produce a bearish sign.
