USD/CHF Over-bought

The Swiss Frank seems to have moved nicely in an upward trend and has touched the 0.9600 level. It seems that USD/CHF would like to resume the upward trend but it has got quite a lot over-bought and thus USD/CHF will really look to take some extended retracement. The traders will look to buy USD/CHF on dips to retracement levels and look to capture USD/CHF in its long term upward trend. The first level where traders will look to buy around 0.9430 level for the initial target around 0.9600 level and in case the moment and space allowing, USD/CHF will be looking to target 0.9725 level.  In case the USD/CHf extends the dip below 0.9430 level, it will look to extend retracement towards 0.9230 level and long term traders will be really interested in buying USD/CHF around that level. Break below 0.9430 level will mean that USD/CHF will be crossing below all three moving averages and thus there will be clear indication of reversal of trend and therefore once USD/CHF do that, the traders will look to reverse their entries. The RSI is almost touching 77 in daily charts and thus seems to be getting real exhausted and there is a clear indication that sooner or later, the USD/CHF will be going to take an extended retracement.

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