USDCHF continues to strengthen within the ascending triangle. The price is retesting the trend resistance. What can happen?
As we can see on the chart on the bottom left, the currency pair is forming a consolidation relative to a strong resistance area. The mentioned accumulation, when moving to the phase of implementation is able to change the direction of the trend, in this case, the global downtrend will begin to change its direction following the dollar index.
DXY breaks the key resistance and on the basis of fundamental factors begins the implementation of the strengthening strategy.
The USDCHF currency pair may go to 0.89088 if the resistance of the descending channel is broken.
Support levels: 0.87779
Resistance levels: 0.88133, 0.88250
I expect a small bounce from resistance and further retest of the area, which may break the resistance and trigger a rise in the market.
Regards R. Linda!