USD/CHF has been recovering since bottoming out at the August 29 lows.
USD/CHF has formed a new uptrend after reversing higher following the August 29 low. The RSI has exited overbought, indicating a risk of a pull back developing within the uptrend. The pair kicked off the uptrend with a bullish Three White Soldiers Japanese candlestick pattern right after the August 29 bottom. This occurs when three green candlesticks of a similar size follow a new low. USD/CHF has probably now started a new uptrend and since “the trend is your friend” the odds favor more upside.
USD/CHF 4-hour Chart There is a risk USD/CHF could temporarily pull back before it continues higher, however, as the Relative Strength Index momentum indicator has just exited overbought territory. This provides a signal that the trend is likely to correct or reverse. The RSI exiting overbought was accompanied by the formation of a bearish Hanging Man Japanese candlestick pattern .
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