- USD/CHF is rising within a range-bound market.
- It has encountered resistance at a cluster of MAs but will probably continue higher.
USD/CHF is rising up within its sideways range. It has reached a cluster of major Moving Averages which are providing firm resistance.
USD/CHF 4-hour Chart
The trend is neither up nor down but rather sideways and so the oscillating character of the market is likely to extend, given the principle that “the trend is your friend.”
The blue Moving Average Convergence Divergence (MACD) momentum indicator line recently crossed above the red signal line, providing a buy signal. MACD is a more reliable indicator within sideways markets.
USD/CHF will probably continue higher. A break above the 0.8480 high would lead to an extension up to a target at about 0.8517 (September 23 and 26 highs) followed by the roof of the range at 0.8539.
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