USD/CHF Eyes Bullish Reversal Above Key Resistance
Solid ECN—The USD/CHF currency pair bounced from the 38.2% Fibonacci support level at $0.909. As of writing, the pair is targeting the 23.6% Fibonacci level at $0.911. The RSI value is increasing and moving away from the oversold area, indicating that the market trend could shift from a bearish to a bullish market. However, the bulls must overcome the $0.911 barrier.
From a technical standpoint, for the trend to reverse, the price must close and stabilize above $0.911. If this scenario unfolds, the next bullish target will be the middle band of the Bollinger.
On the flip side, if the price fails to close above the immediate resistance, the downtrend that began on May 23 will likely resume, initially testing the $0.909 level.