Last week we mentioned several times the triangle pattern we noted in USDCHF and we also warned of a potential break out and where the target would be after the break out. The last couple of sessions price is pulling back in what it seems to be a back test.
Red line -support trend line
USDCHF is trading above the triangle pattern. The break out remains valid as long as price is above 0.92. At 0.92 we find both the red upward sloping trend line support and the upper triangle boundary. This is important support area. Back testing this area is justified and could provide a higher low and stronger upside momentum for bulls. We remain bullish USDCHF as long as it trades above 0.92.