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17.02.202019:51 Forex Analysis & Reviews: USDCHF continues closer towards our target

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USDCHF has recaptured the 0.98 level and is moving closer to our 0.99 target after breaking above 0.9750 resistance. The formation remains valid and so is our target. Short-term trend remains bullish with important support still at 0.9750.

Blue line- resistance

Green line - bullish divergence

Red line- expected size of upward move

USDCHF is moving higher as expected. The break out above the blue line was followed by a back test and a bounce. Bulls do not want to see price fall below the blue neckline. The RSI has still not reached overbought levels, so I expect this upward reversal from 0.9630 to unfold into a bigger bounce towards 0.99 and higher.

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