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USDCHF: Still inside the ascending triangle

Since the start of the year the currency lost more than 1.5% however last week rose 0.2% and is in an accumulation phase since the end of August.

Last week the USDCHF tried to rise but found enough selling pressure at 50-week moving average to give back to the market most of its gains but still managed to close in the green, in the middle of the daily range, yet closed above the previous week high, which suggests a bullish momentum.

The stochastic is showing bullish momentum although is still below the 50 mid line.

Expecting an upward move to a weekly resistance at 0.9970 on a break above the key level high at 0.9970 (scenario 1) and a break below the weekly support at 0.9614 could trigger a sell-off on the currency down to a weekly support at 0.9021 (scenario 2).