USD/CHF Price Forecast: Resumes uptrend after pullback
Source Fxstreet
- USD/CHF is resuming its dominant uptrend after a short correction.
- The short and medium-term trends are bullish indicating odds favor a continuation higher.
USD/CHF is striking higher again after a brief pullback from overbought levels. It is surging on Friday as it thrusts up towards the next key targets at 0.9000 – a whole-number psychological level – and 0.9050, the July 30 swing high.
USD/CHF Daily Chart
USD/CHF is in an established short-term uptrend which means the odds favor more upside. This is due to the theory in technical analysis that “the trend is your friend” which advocates trading in the direction of the dominant trend.
The Relative Strength Index (RSI) has almost reached above 70 again, suggesting price is close to levels where it would be considered overbought. If the RSI closes above 70 traders are advised not to add to their long positions for risk of the price pulling back.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The Australian Dollar (AUD) is expected to trade in a range of 0.6490/0.6535.
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