USD/CHF is correcting back after peaking as it extends its uptrend. The pair will probably resume its bullish bias after the pull back has completed. USD/CHF is pulling back within its short-term uptrend after peaking at 0.8642 on Monday. The move is only likely to be a temporary correction, however, before the pair resumes its uptrend and extends its sequence of higher highs and higher lows. USD/CHF 4-hour Chart USD/CHF will probably reach the target generated after it broke out of the range, at 0.8680, the 100% Fibonacci (Fib) extrapolation of the height of the range higher. It has already met the conservative target at 0.8627, the 61.8% Fib level. The Relative Strength Index (RSI) has exited the overbought region giving traders a
Topics:
Joaquin Monfort considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter
This could be interesting, too:
RIA Team writes The Benefits of Starting Retirement Planning Early in Your Career
Swissinfo writes Swiss residential real estate to remain in demand in 2025
Thomas J. DiLorenzo writes Stakeholder Capitalism and the Corporate KPI Cult
Swissinfo writes Parliament stalemate on abolishing Swiss homeowner tax
- USD/CHF is correcting back after peaking as it extends its uptrend.
- The pair will probably resume its bullish bias after the pull back has completed.
USD/CHF is pulling back within its short-term uptrend after peaking at 0.8642 on Monday. The move is only likely to be a temporary correction, however, before the pair resumes its uptrend and extends its sequence of higher highs and higher lows.
USD/CHF 4-hour Chart
USD/CHF will probably reach the target generated after it broke out of the range, at 0.8680, the 100% Fibonacci (Fib) extrapolation of the height of the range higher. It has already met the conservative target at 0.8627, the 61.8% Fib level.
The Relative Strength Index (RSI) has exited the overbought region giving traders a signal to liquidate their long positions and sell short.
A chart gap opened on Monday morning and there is a risk the market could pull back all the way to fill this gap. If so, it could correct down to 0.8574. It would require a break below the former range highs at 0.8541 to confirm a probable change of trend.
Tags: Featured,newsletter