The USD/CHF pair may assume a directional movement this week. In the short-term, this pair is bullish. Since the support level at 0.9200 was tested on February 16, 2018, the price rallied by over 350 pips, moving briefly above the resistance level at 0.9550. The market has been corrected lower since then, closing below the resistance level at 0.9500.
A rally from here would save the bullish bias; while a plunge from here would render it invalid. Nonetheless, the market is more likely to go upwards as a result of a bearish outlook on EUR/USD. A Bullish Confirmation Pattern may be formed in the market.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF
The USD/CHF pair may assume a directional movement this week. In the short-term, this pair is bullish. Since the support level at 0.9200 was tested on February 16, 2018, the price rallied by over 350 pips, moving briefly above the resistance level at 0.9550. The market has been corrected lower since then, closing below the resistance level at 0.9500.
A rally from here would save the bullish bias; while a plunge from here would render it invalid. Nonetheless, the market is more likely to go upwards as a result of a bearish outlook on EUR/USD. A Bullish Confirmation Pattern may be formed in the market.
The material has been provided by InstaForex Company – www.instaforex.com
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