After a long range in price movement from May to August, price of $USDCHF decided to go downwards in mid-August. This downward movement was about 400pips. The downward trend came to an end in September 21st when price consolidated. At this point, more sellers of the $USDCHF are preparing for another profit gain. Price is expected to go downwards to the 0.9765 level. This movement should reach about 250 pips..
Though price is presently in range on the daily time frame, $USDCHF has broken out the trendline indicating a reversal in favour of the CHF. With the RSI, price has not been overbought. Indicators shows price is ready for a downward movement. Price ranges on the upper part of the band, awaiting a reversal. There are very few $USDCHF buyers presently in the market.
SUMMARY