USD/CHF on its bullish trendline support as volatility drops
MarketsFN Team
•1 min read
The pair reached a 2023 low in area 0.8821 in May and then recovered up to near 0.9150 last month but MAs crossover failed with the pair that tried to retest its 2023 lows.
While it was not oversold, USD/CHF managed to make a timid rebound and developed a short term bullish dynamic trendline that links lower lows.
Positive momentum will come if the recent highs near 0.9010 will see a breakout that will allow the test of area 0.9150. The condition to make higher highs and let a healthy uptrend to develop is that USD/CHF would need to trade above this level.
If the dynamic trendline will be broken then the main bearish downtrend would resume and 0.8820 will be tested and then 0.8751, its 2021 low.
