The USDCHF maintained a bullish momentum yesterday , bottomed at the 0.8799 levels and topped at the 0.8868 levels . Now pressure will be on the key resistance 0.8868…
The USDCHF will have to hold above the 0.8868 levels on a daily closing basis to push the market for further upside gains , If seen ,It will target the 0.8917 levels , a halt is likely , but break of the 0.8917 levels will turn focus on the 0.8975 levels , further out will aim the 0.9040 levels.
Alternatively , a failure to hold above the 0.8868 levels could mean a return to the 0.8799 levels , this level should contain any downside move and bring rally resumption above the 0.8868 levels . but , If 0.8799 fails on a daily closing basis , expect the market to weaken further towards the 0.8727 levels , more losses will open the 0.8698 levels.
In all , as long as support 0.8799 holds on a daily basis , the USDCHF will remain based to the upside towards the 0.8917 levels ahead of the 0.8975 levels , losing the 0.8799 levels will reverse risks towards the 0.8727/0.8700 levels .