USDCHF- LONG- for the next few weeksAs people get directions from the fundamentals for the next few weeks, I believe the traders will follow the technicals and invest in the USD. Until we see a clear path, the technicals will remain the key factor in regards to the direction of the market.
Based on the 4 hour chart, a short term bull will might continue as long as it holds the 50/200 emas.
For now, just ride the wave.
Usdchfforecast
USDCHF moving towards targets at 1.0050The US Dollar has been trading in a one-month ascending trendline against the Swiss Franc. The currency pair reversed from the lower border of the trendline at 0.9698 on June 25.
Most likely, the exchange rate will continue its upward swing within this week's trading sessions. The potential target for bullish traders would be near the upper border of the channel pattern at 1.0038.
Moreover, technical indicators flash buy signals on both the smaller and the larger time-frame charts.
USDCHF ready to resume downtrendThe pair seems ready to continue it downtrend. After a couple of days of recovery yesterday it printed an inverted hammer closing right at support that has been broken already today.
A fall to the 0.975 area is very plausible and probably it will keep falling until encountering the historical trendline ( purple line). We will monitor how the price reacts once there.
We can see in the 4H chart that the price retraced from the 61.8 fibonacci. The way Im looking to trade is wait for a small retracement to the resistance area and then look for signals to short.
Do you have different views? Let me know in the comments!