USD/CHF Price Prediction: Closing in on 200-day SMA as uptrend extends
Source Fxstreet
- USD/CHF keeps rising on US Dollar strength
- It is close to meeting resistance from the 200-day SMA.
USD/CHF extends its short and medium-term uptrend and rises up to within spitting distance of the 200-day Simple Moving Average (SMA).
USD/CHF Daily Chart
It will probably encounter tough resistance at the 200 SMA which could pullback as a result.
Given the technical analysis theory that “the trend is your friend”, however, it is likely to eventually resume its uptrend.
A decisive break above the 200 SMA at 0.8818 would probably result in a continuation up to the next target at 0.8873 (July 30 swing high).
The Relative Strength Index (RSI) momentum indicator is not yet overbought suggesting the pair has more upside potential before it gets overextended.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
The Japanese Yen (JPY) kicks off the new week on a weaker note in reaction to reports that the ruling Liberal Democratic Party (LDP) and the Japan Innovation Party (JIP) have agreed to form a coalition government.
Silver price (XAG/USD) trades 0.7% higher to near $52.30 during the late Asian trading session on Monday.
Solana (SOL) price extends its recovery, trading above $192 at the time of writing on Monday, after rebounding from the ascending trendline support last week.
The crypto market has been turbulent in October, with altcoin market capitalization dropping another 15%. Could this downturn worsen before October ends?
Related Instrument
