FX.co ★ Short-term analysis on USDCHF.

USDCHF has most probably finished its back test at the upper triangle boundary and is now bouncing. As long as price holds above 0.9220-0.92, we remain optimistic at least for the near term. Price is making higher highs and higher lows and respecting the break out area confirms that this is now support.

Red line - support trend line

USDCHF continues to respect the upward sloping support trend line. Price has back tested the 0.92 break out area and is now bouncing higher. This is text-book bullish behavior and that pull back has managed to gather more power for the bullish trend. The fact that support at 0.9220-0.92 was tested and held, is a bullish sign. Now bulls want to see new higher highs in order to be more confident that our target of 0.95 is attainable.