USD/CHF Getting Ready For Upward Break

USD/CHF seems ready to break into an upward trend and traders will look to buy it around 0.9000 level which is also a very important psychological level. Once the traders buy USD/CHF around that level, the initial target can be seen around 0.9300 level and once the market breaks above the 0.9300 level, the next level that can be seen is some good distance away around 0.9680 level but that might be achieved with one or couple of retracements. On the lower side if USD/CHF takes a dip below 0.9000 level, the dip can extend toward 0.8780 level and the overall situation seems to suit the long term traders more but the intra-day traders can also aim to enter trade using some reasonable stops.

Looking at the moving averages used in the daily charts, the market can be seen creeping just above the short term moving average and once it manages to do that, then all the three lines will be below the market and upward trend will be fully indicated by all three moving averages. Looking at the entry level, a good level around 0.9000 can be seen because around that level both the long term and short term moving averages are looking to cross each other.

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