From my analysis I believe USDCHF is a pair we should keep a close eye on - whether it continues its uptrend or reverses to the downside!
Evidence to short this pair is the repeated retest of the diagonal support as it approaches the next level of resistance. As the pair is trading below its 200 day moving average, a reversal is definitely possible.
However, we could see more upside. It looks as though an inverted head and shoulders pattern is developing. Should this pattern complete, the pair could reach the measured target at the 1.018 level.
This is definitely a pair that we should react to, not try to predict - I'll be watching this one closely!
Let me know what you think!
Evidence to short this pair is the repeated retest of the diagonal support as it approaches the next level of resistance. As the pair is trading below its 200 day moving average, a reversal is definitely possible.
However, we could see more upside. It looks as though an inverted head and shoulders pattern is developing. Should this pattern complete, the pair could reach the measured target at the 1.018 level.
This is definitely a pair that we should react to, not try to predict - I'll be watching this one closely!
Let me know what you think!