- USD/CHF might be developing a Bull Flag continuation pattern.
- This suggests there will be an extension of the uptrend to upside targets higher.
USD/CHF – which looked as if it might be reversing trend and starting a new short-term downtrend at the start of the week – suddenly turned on a dime and spiked higher on Wednesday.
The pair rallied to a higher high, giving the established uptrend a shot in the arm. USD/CHF has since peaked and started to go sideways, forming what looks like a potential Bull Flag continuation price pattern.
USD/CHF 4-hour Chart
If it is indeed a Bull Flag pattern it indicates more upside is on the cards for USD/CHF.
A break above the flag’s high of 0.8775 would probably result in a continuation higher to a target at 0.8832, the 61.8% Fibonacci extrapolation of the flagpole or “Pole” higher. The flagpole is the steep rally prior to the consolidation.
The Relative Strength Index (RSI) momentum indicator is not yet overbought but it is close. This suggests there is still more scope for upside before the uptrend becomes temporarily exhausted. If RSI enters the overbought zone it will be a signal for long-holders not to add to their positions.
Full story here Are you the author?You Might Also Like
USD/CHF Price Forecast: Corrects to near 0.8630 despite upbeat US Dollar
2024-10-21
USD/CHF drops to near 0.8630 even though the US Dollar resumes its upside journey.
The SNB is expected to cut interest rates again in December.
Investors expect the Fed to reduce interest rates gradually.
The USD/CHF pair drops to near 0.8630 from the two-month high of 0.8370 in Monday’s North American session. The Swiss Franc pair corrects even though the US Dollar (USD) rebounds after a mild sell-off on Friday, suggesting sheer strength in the Swiss currency.
Investors have underpinned the Swiss Franc against the Greenback despite the Swiss National Bank (SNB) is expected to cut interest rates again in December. This would be the fourth straight interest rate cut in a row.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies,
USD/CHF Price Prediction: Pull back unfolding after higher high
2024-10-15
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.
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
USD/CHF holds losses after soft US labor market data
2024-09-06
Pair bottomed at a low of 0.8375 and then recovered above 0.8400 but holds daily losses.
US August NFPs came in lower than expected, following this weak labor market data trend.
Investors might bet on a bigger cut in September from the Fed.
On Friday, the USD/CHF fell to a daily low of 0.8375 and then recovered back above 0.8400. The upside, however, is limited as the US reported weak labor market figures.
The US Dollar’s appeal diminished after the release of a lower-than-expected NFP report for August, which showed the creation of 142,000 new jobs, falling short of the 160,000 forecast but surpassing July’s revised figure of 89,000. The Unemployment Rate decreased as anticipated, moving from 4.3% to 4.2%. Additionally, Average Hourly Earnings increased by 3.8%
Tags: Featured,newsletter
