USD/CHF Price Forecast: First breakout target met

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.

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/CHFis in a solid uptrend so should continue higher to next target after the correction. 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.

There is likely to be a correction before the next target is achieved, however, given the Relative Strength Index is threatening to exit overbought territory on the current bar. Such an exit would provide a sell signal and reinforce the view that a correction is evolving. If the current 4-hour period ends bearishly the exit from overbought will be confirmed.

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