USD/CHF Price Prediction: Up leg almost reaches target and range high
- USD/CHF is rising within a range-bound market.
- It has almost reached its target close to the top of the range high.
USD/CHF extends its gains as it unfolds an up leg within a range-bound market.
The move is underway and likely to reach the 0.8517 resistance level formed by multiple recent highs. A really bullish move could even see the pair reach the 0.8539 ceiling of the range.
USD/CHF 4-hour Chart
USD/CHF is in a sideways trend. Given the principle in technical analysis that “the trend is your friend” the odds favor an extension of this trend. Once the pair reaches its upside target it will probably roll over and begin a down leg towards the range lows.
Only a decisive break above 0.8539 and the top of the range would signal a change in trend. A decisive break would be one accompanied by a long green candle breaking above the top of the range and closing near its high, or three green candles in a row that broke above the level. If successful, such a move would probably then rally to a minimum target of 0.8617 (August 14 swing low).
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.
