USD/CHF Price Prediction: Closing in on 200-day SMA as uptrend extends

USD/CHF keeps rising on US Dollar strength
It is close to meeting resistance from the 200-day SMA.

Joaquin Monfort FXStreet

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.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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