USD/CHF Price Analysis: The pair turns bullish after wedge breakout and retest
- USD/CHF trades 0.35% higher and heads towards 0.92%.
- The falling wedge has been broken to the upside.
USD/CHF 4-hour chart
USD/CHF has been pushing higher once again and there has been a bullish confirmation after the falling wedge pattern had a break and retest. Since the price hit a low at the 0.90 psychological level there has been some USD strength. The dollar found a bid across the board against the rest of the majors over the last week or so and USD/CHF pushed around 1.88% higher.
Looking closer at the chart, the wedge pattern broke on 2nd September but then fell back to retest the top of the pattern and the psychological 0.91 area. Since then the previous wave high has been broken and there has been a new higher low higher high formation. The next main resistance is at the red horizontal line 0.9230 near the consolidation high.
The indicators are also looking bullish too and the MACD histogram is green and the signal lines are above zero. The Relative Strength Index is above the 50 line and just touched the overbought area. This means there could be a small pullback before the underlying trend continues.
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Additional levels