As you can see from the chart above USDCHF has broken out of its recent trading range of 0.9100 to 0.9032; prices may retest 0.9100 to gauge for selling pressure in the market and if prices close below this level don’t be surprised to see prices go on to drop further and once again test the bottom of this range.
We are expecting the strength in the USD to continue however, at least in the short to mid term and even though we could run into resistance at a previous strong level around 0.9170 it is very possible this currency pair will push higher and before long be trading above the 0.92 handle.
The trading desk at 888 markets will be keeping a close eye on this situation so be sure to check back to our blog page for further analysis and market commentary on this and plenty of other interesting trading opportunities in the coming days, weeks & months.
Thank you for taking the time to read this. Happy trading.