USD/CHF over loaded

The Swiss Frank seems to have moved nicely in an upward trend and has touched the 0.9700 level. It seems that USD/CHF would like to resume the upward trend but since 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 0.9600 level for the initial target around 0.9630 level.  In case the USD/CHF extends the dip below 0.9600 level, it will look to extend retracement towards 0.9430 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 breaking below medium term moving average and there will be 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 80 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 and traders will look to cash on this opportunity.

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