The USD/CHF pair moves somehow sideways in the short term around a support zone, former resistance area. The price tries to accumulate more bullish energy before jumping higher. The price could develop an important upwards movement if the Dollar Index jumps higher after its temporary decline.
Later today, the Fed Chair Powell Speaks could really bring sharp moments in the USD/CHF. Also, the New Home Sales is expected to increase from 708K to 712K, this could lift the greenback.
USD/CHF Technical Analysis!
As you can see on the H4 chart, the USD/CHF pair escaped from the down channel’s body but it continues to move sideways within a triangle pattern. The down channel is seen as a continuation pattern. Making a valid upside breakout from the minor triangle could really announce an upwards movement.
The USD/CHF has found support on the weekly S1 (0.9215), right below the upper median line (UML) of a major ascending pitchfork. The weekly pivot point (0.9270) and the 0.9274 are seen as strong static resistance levels.
Technically, its failure to make new lower lows signaled that the correction has ended and that the USD/CHF could turn to the upside.
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