USD/CHF false breakout above the upper median line (UML) could signal a potential decline. Only escaping from the descending pitchfork’s body could signal an important upwards movement. DXY’s further rise after the current retreat could force the pair to jump higher as well. The USD/CHF price dropped and is located at 0.9170 level far below 0.9206 today’s high. The pair has started falling as the Dollar Index has found strong resistance at a higher high. DXY’s minor decline forced the greenback to lose ground versus its rivals. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- Technically, the current decline could be only a temporary one. The Dollar Index is still bullish, so further rise could force the greenback to increase as well. We have a strong positive correlation between DXY and the USD/CHF. Fundamentally, the pair has dropped a little because the Switzerland Trade Balance was reported at 5.25B in July versus the 4.78B estimate. The indicator figures came worse than expected after 5.47B in the previous reporting period. The USD could start increasing again as the US Unemployment Claims dropped further from 377K to 348K in the previous week. The economic indicator has come in below the 362K estimate. Also, from the fundamental point of view, USD is bullish after the FOMC Meeting Minutes. Get FREE Forex Signals Now! USD/CHF price technical analysis: False breakout turns price lower USD/CHF 4-hour price chart analysis The USD/CHF price has found resistance at the 50% (0.9198) retracement level and now is traded back within the descending pitchfork’s body. Unfortunately, it has registered only a false breakout above the immediate resistance levels. Its decline is natural after printing the major bearish engulfing. Also, its failure to stabilize above the weekly pivot point (0.9176) indicates bearish pressure. Technically, it was hard to believe that USD/CHF will register a valid breakout above the upper median line (UML) before making an accumulation in the short term. –Are you interested to learn more about forex signals? Check our detailed guide- The support is seen at the 0.9110 weekly S1. The USD/CHF pair could come down to test and retest the 38.2% retracement level before jumping higher. Personally, I believe that a valid breakout above the upper median line (UML) after its failure to approach and reach the median line (ML) may signal further rise towards 0.9232 resistance again. Only a new lower low, dropping and stabilizing under 0.9099, could invalidate the upside scenario. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 XRP Price Prediction: Ripple Sends A buy Signal After Falling Under $1.20 Nancy Lubale 1 year USD/CHF false breakout above the upper median line (UML) could signal a potential decline. Only escaping from the descending pitchfork’s body could signal an important upwards movement. DXY’s further rise after the current retreat could force the pair to jump higher as well. The USD/CHF price dropped and is located at 0.9170 level far below 0.9206 today’s high. The pair has started falling as the Dollar Index has found strong resistance at a higher high. DXY’s minor decline forced the greenback to lose ground versus its rivals. –Are you interested to learn more about low spread forex brokers? Check our… 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.