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Hugo in HTO Trading,

USDCHF: Getting ready to break above the ascending triangle

Since the start of the year the currency lost more than 1.0% however last week rose in excess of 1.0% and is in a bullish phase since the early November.

Last week the USDCHF initially fell but found enough support at 0.9614 to trim all of its losses and closed in the green, near the high of the week, yet closed within the previous week range, which suggests being slightly on the bullish side of neutral.

The stochastic is showing a strong bearish momentum although is above the 50 mid line.

Expecting an upward move to a weekly resistance at 1.0190 on a break above the previous swing high at 0.9999 (scenario 1) nevertheless a break below the key level at 0.9537 could trigger a sell-off on the currency pair down to a weekly support at 0.9271 (scenario 2).