USDCHF Breaks Out of Ranging Market Above Resistance Zone
USDCHF has aggressively defiled the resistance zone and therefore breaks out in the market. The market has experienced a decline in price since the start of the second quarter of the year. A bearish candle initiated the market dive after reaching the current yearly high at 0.94500. The market has been driven by the bears down into the support level at 0.89500. A descending channel is seen to have been formed by the bearish run in the market.
Upon reaching the support zone at 0.89500, the market has been in a consolidation for twenty-one trading days. The market was bound in a range from the previous month on the 18th of May to the 15th of this month. The market has attempted a bullish breakout twice at the resistance zone but failed.
The market experienced an explosion in price yesterday 16th of June. USDCHF finally breaks out and is seen above the resistance zone at 0.90500. The price had first broken out of the downward channel on the 14th of June. The market retested the downward resistance trend line on the 15th which propelled the price higher yesterday. This has confirmed a reversal in the market trend.
Major Zones on USDCHF
Support zones: 0.89500 0.92250
Resistance Zones: 0.90500 0.94500
What to Expect as USDCHF Breaks Out
The Relative Strength Index (RSI) shows the market is still very bullish. The direction correlates with the Moving Average Convergence Divergence (MACD) indicator which has crossed below the zero mark on the daily chart.
On the four-hour chart, the market is showing overbought on the Relative Strength Index. This would likely lead to retracement before the price continues to rally. 
The breakout has smashed through the moving average on the daily chart showing market bullishness.
The Market is likely to reach for the next support zone at 0.92250.
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