In the context of an uptrend, the USD/CHF pair went sideways last week, ranging between the resistance level at 1.0000 (previously a support level) and the resistance level at 1.0050. Eventually, price closed below the resistance level at 1.0000 on Friday, and it may even test the support levels at 0.9950 and 0.9900.
There is a Bullish Confirmation Pattern in the 4-hour chart, which shows the possibility of further upwards movement. However, price would rise again, possibly reaching the resistance level at 1.0000 and breaching it to the upside.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF
In the context of an uptrend, the USD/CHF pair went sideways last week, ranging between the resistance level at 1.0000 (previously a support level) and the resistance level at 1.0050. Eventually, price closed below the resistance level at 1.0000 on Friday, and it may even test the support levels at 0.9950 and 0.9900.
There is a Bullish Confirmation Pattern in the 4-hour chart, which shows the possibility of further upwards movement. However, price would rise again, possibly reaching the resistance level at 1.0000 and breaching it to the upside.
The material has been provided by InstaForex Company – www.instaforex.com
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