USD/CHF Falling Wedge Breakout Nears Target, Trend to Continue?
USD/CHF broke above a bullish Falling Wedge chart pattern, extending gains towards the target of the breakout. This follows broad US Dollar gains in the aftermath of the Fed rate decision. Learn more about Falling Wedges via DailyFX.com here - [url= dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html] dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html
A bullish crossover between the 20- and 50-period Simple Moving Averages offers a near-term upward bias. The pair is eyeing the midpoint of the Fibonacci retracement at 0.9196. Clearing the latter exposes the 61.8% point at 0.9262 as the pair aims to reverse the downtrend from April and May.
In the event of a turn lower, keep a close eye on the 20-period SMA which could come in as key support.
USDCHF
A bullish crossover between the 20- and 50-period Simple Moving Averages offers a near-term upward bias. The pair is eyeing the midpoint of the Fibonacci retracement at 0.9196. Clearing the latter exposes the 61.8% point at 0.9262 as the pair aims to reverse the downtrend from April and May.
In the event of a turn lower, keep a close eye on the 20-period SMA which could come in as key support.
USDCHF
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