USD/CHF Forecast: Upward Trend Continues
The USD/CHF pair is in an upward trend, both in the short and medium term. The recent breakout from a range and positive momentum suggest potential for further gains.
Technical Analysis:
- Upward Trend: The formation of higher highs and higher lows indicates an upward trend.
- Target Levels: The next target is at 0.8680, the 100% Fibonacci extrapolation of the range higher.
- RSI: The Relative Strength Index (RSI) is in overbought territory, suggesting caution.
- Chart Gap: A chart gap opened on Monday morning, which could lead to a potential pullback.
Overall Outlook:
The USD/CHF pair is likely to continue its upward trend, with potential for further gains. However, traders should be cautious due to the overbought RSI and the potential for a pullback to fill the chart gap.