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The market has fixated above 1/8 Murrey Math Line, so that the last downward correction might have been in place. Previously, -1/8 MM Line has acted as support, which was the final point for a bearish rally. Bulls reached 3/8 MM Level little later on and then the correction has begun. 1/8 MM level is acting as strong support, which brings more evidence that we're about to have another upward price movement.
The Super Trend indicator Lines remains bullish because the last 'Golden Cross' remains in force. The 1-hour Super Trend Line switched to the green mood, which confirms the bullish outlook. Thus, we should watch 2/8 MM Level as a key barometer for the scenario. If the price goes through this level in the coming hours, there'll be a green light for bulls to achieve 4/8 MM Level, which is the main intraday target.
However, if the pair breaks Super Trend Lines and holds firmly below these levels, the outlook will face a challenge. If this happens, we should wait until the price returns to the level above ST Lines as essential evidence that bulls are coming back into the market.
The bottom line is that USD/CHF is getting bullish, for the short term at least. The next target is 4/8 MM Level, which could be a starting point for a downward correction. Super Trend Lines are playing the key role to confirm this scenario.
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