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USDCHF follows bullish scenario.

USDCHF is trading at 0.93. After breaking above 0.92-0.9220 and the triangle resistance, we saw an upside potential in USDCHF towards 0.95. Price pulled back towards the break out area as a back test and respected it. Price continues to respect the key upward sloping support trend line. Now price is bouncing strongly off this line.

analytics6165e9789bd6c.jpg

Green line- horizontal support

Red line- support trend line

USDCHF has support at 0.9250. As long as price is above this level, short-term trend will remain bullish. Resistance is at 0.9370. Bulls need to break above this level in order to continue higher towards our first target of 0.95. Price is making higher highs and higher lows. Bulls remain in control of the short-term trend.

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