USD/CHF trades in the 0.8930s on Friday, after rising on the back of positive US Purchasing Manager Index (PMI) data, which showed a healthy expansion in the manufacturing and services sectors in June.
USD/CHF might be beginning a new short-term uptrend. The evidence is building and includes a break above the last lower high, a trendline and the 50 Simple Moving Average. A break above 0.8989 would provide greater confirmation. USD/CHF trades in the 0.8930s on Friday, after rising on the back of positive US Purchasing Manager Index data, which showed a healthy expansion in the manufacturing and services sectors in June. The direction of the short-term trend is unclear.
8827 lows was strong, indicating it could be the start of a reversal. The Relative Strength Index exited oversold at the same time and rose up equally steeply, showing strong upside momentum, and further supporting a bullish reversal hypothesis. USD/CHF has broken above the last lower higher of the prior downtrend at 0.8932 , the 50 Simple Moving Average and the green down-trend line, adding further evidence a new uptrend might be evolving.
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