- USD/CHF rises up and achieves the first price target for range breakout.
- The pair is now pulling back and RSI is threatening to exit overbought increasing bearish pressure.
- USD/CHF is in a solid uptrend so should continue higher to next target after the correction.
The USD/CHF is trading in the upper 0.8900s after breaking out of the top of a range it had been yo-yoing in since Valentine’s Day, and rallying higher.
The pair has now risen up and met the conservative target for the breakout at 0.8984 and is pulling back.
The technical method for establishing targets from range breakouts is by taking the 0.618 Fibonacci of the height of the range and extending it from the breakout point higher
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