USD/CHF remains bullish in the short term after failing to confirm a larger drop. The price action has signaled that the pair could resume its upwards movement.
The US Dollar Index is still bullish, further growth should help the USD/CHF to resume its growth in the upcoming period.
USD/CHF H4 Technical Analysis!
USD/CHF has retested the ascending pitchfork’s median line (ml) and now it’s traded above the minor downtrend line. It has found temporary resistance but the bias remains bullish.
Technically, its failure to stabilize below the weekly pivot point (0.9213) signaled a potential upwards movement. Jumping and stabilizing above the weekly R1 (0.9266) could activate more gains.
I believe that the upside scenario could be invalidated only by a valid breakdown through the ascending pitchfork’s median line (ml).
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