USD/CHF Eyes 0.80 as Inverse Head-and-Shoulders Breakout Holds
USD/CHF advanced to near nine-week highs of 0.7991, with the inverse head-and-shoulders pattern targeting the 0.8000 level as risk aversion boosts the Greenback.
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The USD/CHF pair advanced 0.11% on the day, trading near nine-week highs at 0.7991. The move comes as risk aversion boosts demand for the US dollar, allowing the pair to challenge the key 0.8000 psychological level.
A breakout from an inverse head-and-shoulders pattern supports further upside. The technical formation suggests a measured target near 0.80, with the pair holding above the neckline.
If the 0.8000 level is cleared, the next resistance is likely around the 0.8020 area. On the downside, support is seen at the neckline near 0.7950.
Source: FXStreet Forex News