USD/CHF Price Forecast: Bearish flag forms as bulls eye 0.8200
The USD/CHF pair edges higher by some 0.30% on Wednesday, refreshing ten-day highs of 0.8138, as the uptrend is poised to extend if it clears key resistance levels.
On Wednesday, the USD/CHF pair rose by about 0.30%, hitting ten-day highs of 0.8138, indicating that the uptrend could continue if it breaks through key resistance levels. A bearish flag pattern is emerging, potentially leading to a more significant decline before the pair rebounds again. The Relative Strength Index (RSI) still shows bullish momentum for USD/CHF.
If the pair drops below the 50-day Simple Moving Average (SMA) at 0.8071, it may initially retreat to 0.8042 before heading towards 0.8000. However, surpassing the top trendline of the bearish flag could open the door to a rise towards 0.8200 and the yearly peak at 0.8205. After removing those two levels, buyers might target the psychological levels of 0.8250 and 0.8300.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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