23.02.202116:24 Forex Analysis & Reviews: USD/CHF Grows Within An Up Channel!

Exchange Rates 23.02.2021 analysis

USD/CHF is trading at 0.9005 and it seems ready to resume its upside movement after a temporary decline, corrective phase. The price failed to come back down to test and retest the uptrend line in the last two attempts and now it has passed above the former highs signaling a further growth towards the channel's upside line.

USD/CHF could continue higher and could develop a larger growth as long as it stays within the up channel's body, above the black uptrend line.

Trading Conclusion!

Passing above 0.9000 and beyond the former highs represents a buying signal. Still, maybe you should wait for the rate to overpass 0.9044 high before buying. Such a breakout signals an important swing higher ahead.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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