USDCHF Bullish Channel – Daily Forex Technicals by ForexHound.com August 1st

USDCHF is trading inside a bullish channel clearly visible on the smaller timeframes (4h, 1h). The pair respected the trendlines marking this channel and made three consecutive pushes of comparable lenghts, reaching the 1.05 resistance level is important in order to see if the bullish momentum has enough force. Most likely the deciding move will be influenced by the NFP announcement that comes out at 8.30 NYT so until then we’ll stay on the sideline unless the pair drops to 1.0450 where bulls might be tempted to start new positions. USDCHF is trading inside a bullish channel clearly visible on the smaller timeframes (4h, 1h). The pair respected the trendlines marking this channel and made three consecutive pushes of comparable lenghts, reaching the 1.05 resistance level is important in order to see if the bullish momentum has enough force. Most likely the deciding move will be influenced by the NFP announcement that comes out at 8.30 NYT so until then we’ll stay on the sideline unless the pair drops to 1.0450 where bulls might be tempted to start new positions.

[NP][/NP]