USD/CHF setting up for upward break

USD/CHF seems to be setting itself for an extended upward break and the first hurdle in the way is the resistance level around 0.9300 level and once USD/CHF manages to break above that level, we expect to see some extended upward moves towards 0.9500 level. The traders will be basically looking to buy USD/CHF on dips around 0.9080 level for a nice upward move. In case, the USD/CHF extends it dip below 0.9080 level, the traders will next look to buy around 0.8970 level.

 

Looking at the moving average used in the daily charts, it can be seen that the current USD/CHF level is very much above all the three moving averages so there is not much doubt in the current overall trend of USD/CHF. Aggressive traders will look to buy USD/CHF around short term moving average which is around 0.9080 level and in case of further dip, the next entry level can be seen around long term moving average which is around 0.8970 level.

 

Looking at the RSI used in the daily charts which is around 67 and seems to have more than enough space to allow USD/CHF to take an extended rise towards 0.9300 level but might look to take some retrace after touching that level.

 

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