FXstreet.com (San Francisco) - The USD/CHF touched a new 2012 high Monday as it traded a broad intraday range between 0.9887 and 0.9950, now hovering around its starting price in the0.9900 price zone, yet 25 pips above the close overnight Friday.
If the market manages to close the North American session at current levels, a bearish Pinocchio bar will form on the Daily timeframe chart, suggesting USD/CHF may be poised for bearish corrective price action in the days ahead as the medium-term bullish trend bias remains intact.
Across timeframes, RSI hovers in neutral territory but is either on the verge of breaking above the overbought 70 mark or has just crossed below the mark, as noted on the 4-hour chart.
Worthy of note, the mentioned price action appears in an important area of confluence. The horizontal resistance level of the 22 Nov 2009 low was pierced and attracted offers, as did the 61.8% Fibonacci retracement of the 1.1728-0.7084 decline.
If the market manages to close the North American session at current levels, a bearish Pinocchio bar will form on the Daily timeframe chart, suggesting USD/CHF may be poised for bearish corrective price action in the days ahead as the medium-term bullish trend bias remains intact.
Across timeframes, RSI hovers in neutral territory but is either on the verge of breaking above the overbought 70 mark or has just crossed below the mark, as noted on the 4-hour chart.
Worthy of note, the mentioned price action appears in an important area of confluence. The horizontal resistance level of the 22 Nov 2009 low was pierced and attracted offers, as did the 61.8% Fibonacci retracement of the 1.1728-0.7084 decline.
