USD/CHF Imminent Upside Breakout

USD/CHF is trapped within a down channel but it seems determined to escape from this pattern and to turn to the upside again. Still, another leg higher needs confirmation. Only another higher high could validate a bullish momentum.

The pair has decreased in the short term only because the USDX has slipped lower. A USDX’s rally could send USD/CHF into the buyer’s territory. CHF could lose ground versus the greenback if the US data will come in better than expected today. Switzerland’s PPI has increased only by 0.1%, less 0.2% expected.

USD/CHF corrective phase could be over if the price escapes from the minor down channel. The pair has registered only a false breakout in yesterday’s trading session, but the upside breakout is still in cards as long a the rate stays near the downtrend line.

A valid breakout followed by another higher high, bullish closure above 0.9162 high suggests buying again as USD/CHF should develop a strong bullish movement.

  • USD/CHF Trading Tips

Buy another higher high, jump above 0.9162 level. You can use the R2 (0.9235) and R3 (0.9271) levels as targets. The upside scenario could be invalidated by a further drop within the down channel’s body.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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