FX.co ★ blaise.rogahn | USD/CHF

USD/CHF Happy Friday! By the end of the week, in the currency pair US Dollar/Swiss Franc, we observe a complete recovery of the uptrend, after the unclear spike downwards on April 19th of the current year, when the price suddenly dropped to the level of 0.9015, but quickly retraced it and has already approached the breakout of the local maximum level at 0.9150. It is clear that the price didn't continue upwards immediately and retraced slightly, but I believe that bulls will not let these attempts go in vain, especially since after the mentioned spike, we see two full sets of local maximum and minimum, each located higher than the previous value. Thus, an even narrower ascending channel on the H4 timeframe is forming compared to what we have seen before. At the moment, the price is supported by the upward-turning four-hour Stochastic and the Relative Strength Index indicators, it is rising again and trying to break the resistance at 0.9130 along with the 14-period moving average, and considering the potential of the Stochastic, I fully admit that in this attempt we might break the middle of the 91 figure and establish above it.