USD/CHF pulls back after breaking out of its multi-week range and rallying substantially higher on Friday.
USD/CHF breaks out of range, peaks and corrects. It may be forming a Bull Flag pattern with further upside potential. Since breaking out, the pair is now in a short-term uptrend and given it is a key tenet of technical analysis theory that “the trend is your friend” the odds favor a continuation higher. USD/CHF 4-hour Chart USD/CHF has pulled back over recent periods and in so doing has formed what looks like a Bull Flag pattern.
8607 high of the flag would lead to a rally to around 0.8619 at a minimum and around 0.8650 as a maximum. A minimum upside target also lies at 0.8617 , or 0.8622 . A really bullish move could reach 0.8675, the 100% extrapolation of the height of the range. The Relative Strength Index moved into overbought territory when the breakout rally peaked. It has since come back down into neutral territory during the pullback in price. This is a bearish sign and suggests a deeper correction may develop.
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