The USD/CHF pair has escaped from two chart patterns, so a fresh higher high could activate further growth. The price has come back down to test and retest the broken levels. Technically, despite the current sell-off, the outlook is bullish; DXY’s growth should force the pair to jump higher. The USD/CHF price plunged after reaching the 0.9234 level. Its failure to stay near yesterday’s high signaled that the sellers are still dominating the market. -Are you looking for automated trading? Check our detailed guide- The DXY’s sell-off forced the pair to come back down. We have a strong positive correlation between the Dollar Index and the USD/CHF pair, so you should also use it in trading. The US dollar may rally again versus its rivals after the United States Unemployment Rate was reported better than expected. Surprisingly, the economic indicator dropped from 345K to 310K, far below 343K expected in the previous week. Still, it remains to see how the DXY will reach after its temporary decline. The Dollar Index dropped ahead of the ECB. The European Central Bank maintained its Main Refinancing Rate, steady at 0.00% as expected. Tomorrow, the US is expected to release its PPI and the Core PPI economic figures. The PPI publication is seen as a high-impact indicator, and it’s expected to increase by 0.6% in August versus a 1.0% growth in July. In addition, the Core CPI could increase by 0.5% compared to 1.0% in the previous reporting period. Get FREE Forex Signals Now! USD/CHF price technical analysis: Bearish dominance USD/CHF 4-hour price chart The USD/CHF pair dropped after registering a false breakout with great separation through the weekly R2 (0.9231) and above the ascending pitchfork’s upper median line (UML). It has escaped from the 0.9206 – 0.9099 range, but unfortunately, it has failed to stabilize above the range’s resistance. The USD/CHF pair dropped as much as 0.9166 today, where it has found demand again. Now it tries to stabilize above the weekly R1 (0.9185) level. Coming back and stabilizing above the 0.9189 former high could signal potential growth. -If you are interested in forex day trading then have a read of our guide to getting started- Technically, the current sell-off could represent only a retest of the broken levels before resuming its growth. Personally, I believe that an upside continuation could be activated only by a valid breakout above the 0.9242, by a new higher high. Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next USD/CAD Price Tumbles to 1.2650 as WTI Gains, USD Consolidates Saqib Iqbal 1 year The USD/CHF pair has escaped from two chart patterns, so a fresh higher high could activate further growth. The price has come back down to test and retest the broken levels. Technically, despite the current sell-off, the outlook is bullish; DXY’s growth should force the pair to jump higher. The USD/CHF price plunged after reaching the 0.9234 level. Its failure to stay near yesterday’s high signaled that the sellers are still dominating the market. -Are you looking for automated trading? Check our detailed guide- The DXY’s sell-off forced the pair to come back down. We have a strong positive correlation… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.