USD/CHF Price Prediction: Surges in bullish breakout from multi-week range

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.

Joaquin Monfort FXStreet

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.

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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