The
USD/CHF pair was trading elevated last week and topped at 1.0061. As seen on
the four-hour time frame, the price is developing inside the uptrend channel. The
20-day SMA is indicating strong bullish momentum. Meanwhile indicators are well
established at the overbought area. Both RSI and Stochastic have lost strength to
hint next direction. In the short-term the bias remains bullish and a
clear break of 1.0060 to above will encourage bulls to test 1.0120 or higher.
On the other hand, immediate support is located at 0.9980 and in case of crossing
it to below, the pair will settle within the neutral trading zone around 0.9930
– 0.9900.
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