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USDCHF continues its upward movement.

USDCHF is now trading around 0.9340. When price broke out of the triangle pattern we mentioned that our target was around 0.95. Price has back tested the triangle boundaries and bounced off of them to provide new higher highs. Trend is clearly bullish at least for the short-term.

analytics6155e1c49248b.jpg

Black lines -triangle pattern

Red line - support trend line

USDCHF is making higher highs and higher lows. The 0.92 level is key support. As long as price is above this level we remain bullish expecting a move towards 0.95. As long as this pattern of higher highs remains intact, bulls will remain in control of the trend.

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