USD/CHF is probably in a short-term uptrend after breaking above the key 0.8989 resistance level (June 11 high).
USD/CHF is now probably in a short-term uptrend, with odds favoring bullish bets. It has broken above the last lower high, a trendline and the 50 Simple Moving Average. The break above the key 0.8989 resistance level provided further confirmation. USD/CHF is probably in a short-term uptrend after breaking above the key 0.8989 resistance level . The reversal in trend means the odds now favor more upside going forward. USD/CHF 4-hour Chart Upside targets for the pair lie at 0.9034 followed by 0.
The Relative Strength Index is overbought and threatening to exit the overbought zone which would be a bearish sign. Whether or not it exits the overbought zone depends on how the current 4-hour bar closes. If it ends bullishly then the RSI will remain overbought; if bearishly it will exit overbought and suggest the beginning of a pullback. Another sign a pullback may be developing is the Tweezer Top Japanese candlestick bearish reversal pattern that has formed over the past two candles.
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