FX.co ★ USD/CHF analysis for May 31, 2022 - Potential for the bigger rally towards 0.9760

Technical analysis:

USD/CHF has been trading upside as I expected. I still see potential for bigger rally and test of upper reference point.

Trading recommendation:

Due to the breakout of the downside channel and the bullish divergence on the oscillator, I see potential for the bigger rally.

Watch for potential buying opportunities on the intraday dips with the upside objective at the price of 0.9760.

MACD oscillator is showing decrease in the downside momentum, which is good sign for further rally.

Stochastic is showing bullish divergence in the background, which is another confirmation for the further upside movement.

Key support is set at the price of 0.954