USD/CHF is in the process of breaking back inside its rising channel as the bull trend tries to pick up momentum following a period of weakness.
USD/CHF is breaking back inside the rising channel it broke out of last week. This is probably a sign the dominant uptrend is resuming and prices will go higher. A close on a 4-hour basis back inside the channel would help confirm the bullish thesis. Price broke down and out of its rising channel on May 14. The break signaled a possible bearish reversal, however, price failed to make much headway lower. The pair recovered after bottoming on May 16 and began clawing its way higher.
For a while it looked as if the channel breakdown had reversed the short-term trend. However, price rallied and the current candle on the 4-hour has actually penetrated decisively back inside the channel. If the current candle ends on a bullish note it will indicate price has clearly broken back inside its rising channel, and the uptrend should extend quite happily upwards. In such a scenario USD/CHF would be expected to reach close to the 0.9225 highs of the year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CHF Price Analysis: Breaks 0.9100 with bulls targeting YTD highOn Monday, the USD/CHF registered more than 0.20% gains, with buyers regaining control and achieving a daily close above 0.9100.
Read more »
USD/CHF Price Analysis: A final obstacle for bulls to overcomeUSD/CHF was in a long-term downtrend until the pair found a floor at the end of 2023.
Read more »
USD/CHF Price Analysis: Critical moment, pair is vulnerable to bearish reversalUSD/CHF is at a critical crossroads in its technical development.
Read more »
USD/CHF Price Analysis: Bears moved in as ‘evening star’ pattern loomsThe USD/CHF extended its losses for two straight days and is down some 0.16%, courtesy of broad US Dollar weakness, undermined by lower US Treasury yields.
Read more »
USD/CHF Price Analysis: Extends the rally above 0.9200 amid the overbought conditionThe USD/CHF pair extends its upside to 0.9210 on Wednesday during the early European session.
Read more »
USD/CHF Price Analysis: Trades close to six-month high around 0.9150The USD/CHF pair hovers around the six-month high of 0.9150 in Wednesday’s early American session.
Read more »