USD/CHF Price Forecast: Bearish flag forms as bulls eye 0.8200
The USD/CHF edges higher by some 0.30% on Wednesday, refreshing ten-day highs of 0.8138, as the uptrend is poised to extend if it clears key resistance levels.
USD/CHF Price Forecast: Technical outlook
The market structure of successive higher highs and higher lows continues to be respected, indicating that the uptrend remains in place. Nevertheless, it seems that a bearish flag is forming, which could open the door for a deeper pullback before the USD/CHF resumes its uptrend.
Momentum remains bullish as depicted by the Relative Strength Index (RSI). But if USD/CHF falls below the 50-day Simple Moving Average (SMA) at 0.8071, it opens the door to a retracement, initially to 0.8042, ahead of 0.8000.
Conversely, if the pair surpasses the top trendline of the bearish flag, this clears the way towards 0.8200 and the yearly peak at 0.8205. Once those two levels are removed, buyers could challenge the psychological levels of 0.8250 and 0.8300.
USD/CHF Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Innovative Drug Export: Why Is This Window Two Weeks Later So Important?
Why did India suddenly make massive purchases of US Treasuries? July net purchase hit a record $15.2 billion, with a special swap mechanism as the key factor
Benefiting from a special arrangement by the Reserve Bank of India to attract overseas capital, India purchased a record amount of US Treasury bonds in July due to large capital inflows.
Japanese banking industry warns: rising Japanese bond yields may trigger writedowns and profit shocks
Japanese government bond yields may continue to rise, putting banks at risk of asset write-downs and profit losses.
Strategy Buys STRC Shares After Steep Selloff
Crypto prices
More
