USDCHF is trading around 0.9084. Short-term trend remains bullish as price continues to respect the black upward sloping trend line. This trend line has proven many times to be an important support level. Price dipped as low as 0.9032 forming a marginal lower low but also a double bottom. USDCHF has since then reversed significantly higher. Bulls remain in control of the trend. Bears will need to break below yesterday’s lows in order to claim control on the short-term trend. Bears have a lot of work to do. On the other hand bulls will need to break above the recent high of 0.9118, as this will give fuel to the bullish momentum.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- support trend line
Violet lines- Fibonacci retracement levels
USDCHF is trading around 0.9084. Short-term trend remains bullish as price continues to respect the black upward sloping trend line. This trend line has proven many times to be an important support level. Price dipped as low as 0.9032 forming a marginal lower low but also a double bottom. USDCHF has since then reversed significantly higher. Bulls remain in control of the trend. Bears will need to break below yesterday’s lows in order to claim control on the short-term trend. Bears have a lot of work to do. On the other hand bulls will need to break above the recent high of 0.9118, as this will give fuel to the bullish momentum.
The material has been provided by InstaForex Company – www.instaforex.com
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