USD/CHF to extend gains

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USD/CHF registered an amazing upside movement. It stands at 0.9218 level far above 0.9198 former high and below 0.9238 upside obstacle. The buyers have taken full control after jumping above the downtrend line.

Technically, USD/CHF failed to make a new low signaling a potential growth. The 0.9238 high is seen as a resistance level, like an upside obstacle. In the short term, we cannot exclude a temporary decline towards 0.9198 support (resistance has turned into support).

Trading Conclusion!

The upside pressure is high, so USD/CHF could resume its growth. Passing above 0.9238 high indicates strong buyers and a potential upside continuation.

The material has been provided by InstaForex Company - www.instaforex.com

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