USDCHF pulls back sharply from 1.2296 level. Deeper decline is expected to test the support of the up trend line from 1.0693 to 1.1208. However, the fall from 1.2296 is treated as correction to up trend. As long as the trend line support holds, we’d expect up trend to resume, and further rally is still possible to 1.2700 zone.
For long term analysis, USDCHF remains in long term bullish movement. Further rise is still possible to 1.3000 zone in next several weeks.
