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USDCHF : Giving a Bullish Signal


(USDCHF : 4 Hour Chart)

USDCHF is almost unchanged today but we can draw some inference about how it will move further. The pair seems like trading within a downward sloping channel. It is currently near the resistance trend line of the channel and should decline towards the support trend line of the channel. However the 50 day SMA is contracting towards the 100 day SMA signaling that the pair might surge breaking the falling resistance trend line.

(USDCHF : Daily Chart)

On the daily chart also the pair seems consolidating within a symmetrical triangle and the moving averages on the chart are signaling that the pair might surge breaking the resistance trend line of the triangle. The 100 day SMA is currently acting as the nearest support. The 50 day SMA is contracting towards the 200 day SMA to cross above it signaling a uptrend continuation.