USD/CHF setting up for a nice dip

USD/CHF seems to be setting up for a nice dip and we might see a good momentum right at the start of the next week. The ideal situation at the moment is that the traders is to look to sell around 0.9050 level and target initial profits at 0.8780 level which can be further extended towards 0.8620 level. On the upper side, break above 0.9050 level, then the next level that traders will be looking to sell around 0.9170 level. Once the market breaks above 0.9170 level, then traders will be looking to reverse the entry and will looking to buy USD/CHF but looking in the long term trend, USD/CHF seems still in a long term downward trend.

Looking at the moving averages in the weekly charts, the USD/CHF has managed to sneak below the long term moving average this week and is looking to target towards medium term moving average which is around 0.8400 level. Similarly looking at the daily charts, the short term and medium term moving averages are above the current USD/CHF level and it is now gradually moving towards 0.8620 level. RSI is around 50 level and seems to have more than enough space that can allow USD/CHF to make a move towards 0.8650 level.

 

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