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Hugo in HTO Trading,

USDCHF: Potential ascending triangle

Since the start of the year the currency lost more than 1.5% however last week rose 1.0% and is in a recovery phase since the end of June.

Last week the USDCHF rose with a wide range and closed 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 bullish momentum and crossed above the 50 mid line.

Expecting an upward move to a key level at 0.9970 on a break above the previous week high at 0.9865 (scenario 1) and a break above the key level at 0.9970 could trigger a rally on the currency up to a weekly resistance at 1.0190 (scenario 2).