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USD/CHF is moves somehow sideways in the short term. MACD shows a bullish divergence, but we still need a confirmation that the pair will increase significantly in the nearest days. Price has managed to break above two important downtrend lines, but it is still located below the 23.5% retracement level and below the 0.9728 former high.
You can notice that USD/CHF is trading within a minor ascending channel, between the sliding line (SL) and the median line (ML) of the ascending pitchfork. Personally, I believe that a valid breakout above the median line (ML) and above the 0.9728 high will confirm a further increase towards the 0.9761 level - 38.2% retracement level.
A potential increase will be invalidated if the price fails to close and stabilize above the 23.6% retracement level and if it drops below the sliding parallel line (SL) of the ascending pitchfork.
Trading Recommendation
Another higher high (above 0.9728) and a valid breakout above the median line could signal a further increase. Still, I believe that only a valid breakout above the 0.9728 - 38.2% area will really confirm a reversal on this pair.
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