USD/CHF has established a sequence of rising peaks and troughs on the 4-hour chart (since the pair bottomed on August 4).
USD/CHF is making higher highs and higher lows as it tracks higher since the August 4 lows. The pair is probably in a short-term uptrend which is expected to continue rising. USD/CHF has established a sequence of rising peaks and troughs on the 4-hour chart . This suggests the pair is now in a short-term uptrend. Given the old adage that “the trend is your friend” the uptrend is more likely than not to extend higher, at least in the near term.
The next target to the upside is 0.8776 . Above that is the 200-period SMA at 0.8822, which is likely to present a tough barrier of resistance. If USD/CHF can close above that, then the 0.8876 July 30 swing high comes into view. The Relative Strength Index momentum indicator flirted briefly with the overbought zone on Thursday but never quite entered it and at 54.95 still has scope for more upside before it signals an over extension.
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