USD/CHF: 1-hour
Here’s another potential break-and-retest play you might wanna look at. USD/CHF recently surged past its descending trend line resistance on the 1-hour forex chart, hinting that the short-term downtrend is already over. From there, price zoomed up to a high of .9428 before retreating close to the broken trend line. The pair appears to be finding support at the 61.8% Fibonacci retracement level while stochastic is indicating oversold conditions, which means that the rally could resume. The 100 SMA is still above the 200 SMA anyway so the uptrend could stay intact. In that case, USD/CHF could move back up to the previous highs and beyond!
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