- USD/CHF is rising within a range-bound market.
- It has almost reached its target close to the top of the range high.
USD/CHF extends its gains as it unfolds an up leg within a range-bound market.
The move is underway and likely to reach the 0.8517 resistance level formed by multiple recent highs. A really bullish move could even see the pair reach the 0.8539 ceiling of the range.
USD/CHF 4-hour Chart
USD/CHF is in a sideways trend. Given the principle in technical analysis that “the trend is your friend” the odds favor an extension of this trend. Once the pair reaches its upside target it will probably roll over and begin a down leg towards the range lows.
Only a decisive break above 0.8539 and the top of the range would signal a change in trend. A decisive break would be one accompanied by a long green candle breaking above the top of the range and closing near its high, or three green candles in a row that broke above the level. If successful, such a move would probably then rally to a minimum target of 0.8617 (August 14 swing low).
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USD/CHF Price Prediction: Unfolding down leg within range
2024-09-27
USD/CHF is trading lower within a range formed since August.
It is in a sideways trend and a decisive breakout would be required to give directionality.
USD/CHF continues trading up and down within a range. It is probably in a sideways trend, which given the principle that “the trend is your friend” is likely to endure.
USD/CHF 4-hour Chart
USD/CHF is currently moving down within the range and it will probably reach at least as far as the 0.8415, the September 25 lows. A particularly bearish move might even fall to the 0.8400 floor. After that it will probably recover and continue the sideways trend.
The Moving Average Convergence Divergence (MACD) momentum indicator is below the signal and the zero lines indicating bearishness.
A decisive break out of the
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