Fundamentally the DXY is consolidating as EUR recovers. Once the EURUSD recovery is complete which could happen at around 1.145000 level, we may likely see USD bulls returning with sharp buying pressure which would result in USDCHF trend upwards.
Now for this to happen technically, have a look at the main chart where price seems to be confined in a slightly elevated triangle with the upper trendline preventing the breakout of this pair. We need the price of weekly candle to close above this trendline of the main triangle to confirm any long entry! After this is complete we have to let the pair retrace slightly before placing a BUY order with the potential target of 1.03000 in our sight!
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