USD/CHF Price Analysis: Bulls trying to take over for the medium term
- Bulls are on the backside of teh prior bearish trend.
- USD/CHF offers the prospects of a final push that could see a test of the 0.8970s.
USD/CHF is holding in and around the 0.8900 area following a series of tests of the trendline dynamic resistance that has been forming on the 4-hour chart in a series of lower highs.
There is, however, a bullish bias while the price accumulates on the backside of the prior bearish trendline as the following will illustrate.
USD/CHF weekly charts
Zooming in on the weekly chart,m we can see that the bulls are moving in. A weekly break of the bearish trendline will be encouraging for a move toward a 50% mean reversion of the bear trend near 0.91000.
USD/CHF H4 chart
The 4-hour chart shows the bulls rejected each time they try to take control but we have prospects of a final push that could see a test of the 0.8970s as follows:
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
