#USDCHF: Looks Ready for more upside! #forex
The current technical configuration suggest a high chance of more gains for the USD against the CHF..
The price has established a series of higher highs and higher lows which is the corner-stone for an uptrend.
The latest rally has managed to take the 200-days long term moving average and horizontal resistance at 0.9542 swing high. That was followed by a throwback(retest) towards that broken resistance and a bullish rebound again, where the price printed a hammer candle.
According to my analysis approach the odds are in favor for more upside, where taking the latest swing high near 0.9650 targets 0.9785 as the next target. For my bullish bias to remain dominant i don't want to see a break back below the 200-days SMA and mainly the support of the short-term rising channel.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
The price has established a series of higher highs and higher lows which is the corner-stone for an uptrend.
The latest rally has managed to take the 200-days long term moving average and horizontal resistance at 0.9542 swing high. That was followed by a throwback(retest) towards that broken resistance and a bullish rebound again, where the price printed a hammer candle.
According to my analysis approach the odds are in favor for more upside, where taking the latest swing high near 0.9650 targets 0.9785 as the next target. For my bullish bias to remain dominant i don't want to see a break back below the 200-days SMA and mainly the support of the short-term rising channel.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
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