USDCHF Hits New Heights Post-Wedge Breakout
Solid ECN – The U.S. Dollar broke out from the wedge pattern in today's trading session against the Swiss franc and is testing the 0.889 barrier as of writing.
The Awesome Oscillator signals divergence, which could be interpreted as a sign that a consolidation phase is likely on the way. Therefore, the price might dip to 0.885 before a new bullish wave begins. Interestingly, the RSI indicator is nearing the overbought zone, signaling the same as the AO.
From a technical standpoint, the ascending trendline in red supports the bull market. As long as the pair trades above this level, the primary trend will remain an uptrend. In this scenario, the market will likely surpass the 0.889 resistance and aim for the next target, the 0.895 mark.
P.S. For the uptrend to resume, the market must pass and stabilize the price above the 0.889 mark.