FX.co ★ USD/CHF starting to break out nicely, watch for a strong rise

The price has broken major descending resistance-turned-support line signaling a possible rise from here. However, we're still seeing major resistance at 0.9406 (horizontal swing high resistance, Fibonacci retracement) and price needs to break this level to open a strong move upwards towards 0.9462 resistance (Fibonacci extension, horizontal swing high resistance). We're seeing Ichimoku clouds support our recent bullish sentiment so a close above our buy entry would be in line with the bullish momentum we're expecting.

RSI (55) has made a similar bullish exit signaling that we're starting to see a change in momentum from bearish to bullish.

Buy above 0.9406. Stop loss at 0.9377. Take profit at 0.9462.