USDCHF Consolidating

USDCHF has not broken outside the bullish channel marked on our charts and is trading between 1.0450 and 1.05 after establishing these levels as short term support and resistance. Overall the pair still looks bullish although the momentum has diminished, closing the day above 1.05 will bring longs back to the table and increase the upside pressure. 1.0550 is the next bullish target and June’s high, if the pair gets there it’ll send a strng signal that the USD might make a bigger recovery. USDCHF has not broken outside the bullish channel marked on our charts and is trading between 1.0450 and 1.05 after establishing these levels as short term support and resistance. Overall the pair still looks bullish although the momentum has diminished, closing the day above 1.05 will bring longs back to the table and increase the upside pressure. 1.0550 is the next bullish target and June’s high, if the pair gets there it’ll send a strng signal that the USD might make a bigger recovery.

[NP][/NP]