Created
: 2024.10.14
2024.10.14 21:57
USD/CHF is rising up and forming a sequence of higher highs and higher lows which indicates it is probably in both a short and - now also - a medium term uptrend. Given it is a key tenet of technical analysis that "the trend is your friend" the odds favor more upside to come.
USD/CHF could continue rising until it reaches the next target to the upside which was generated when it broke out of the range. This target lies at 0.8680, the 100% Fibonacci (Fib) extrapolation of the height of the range higher. It has already met the conservative target at 0.8627, the 61.8% Fib level.
The Relative Strength Index (RSI) is in overbought territory and if it remains there on a closing basis it will advise traders not to add to their existing long positions.
A chart gap opened on Monday morning and there is a risk the market could pull back to fill this gap at some point.
Created
: 2024.10.14
Last updated
: 2024.10.14
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy