USD/CHF Price Prediction: Surges in bullish breakout from multi-week range
Source Fxstreet
- USD/CHF breaks out of the range it has been straight-jacketed in for weeks.
- The pair has probably started a new uptrend with odds now favoring the acquisition of bullish targets.
USD/CHF decisively breaks out of the top of its multi-week range, probably ending its protracted sideways market trend. A close clearly above 0.8540 and the range ceiling would cement bullish expectations.
The move means the pair has probably changed its short-term trend from range-bound to bullish, and since it is a fundamental principle of technical analysis that “the trend is your friend” the odds favor a continuation higher.
USD/CHF 4-hour Chart
USD/CHF is now likely to reach an upside target at a minimum of 0.8617 (August 14 swing low), or 0.8622 (Fibonacci 61.8% extrapolation of the height of the range higher). A really bullish move could reach 0.8675, the 100% extrapolation of the height of the range.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
Oracle’s stock reversed a two-day 11% decline, surging over 3% as the company is seen as a key player in enabling TikTok to continue operating in the U.S.
The US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
Statistics Canada will publish August’s inflation figures on Tuesday.
The USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
Related Instrument
