Overbought USD/CHF Signals Bearish Potential
Solid ECN—The USD/CHF currency pair is in a state of being overbought, according to the Demarker indicator, which hovers above the 0.7 line. As of writing, the pair has risen to test the 0.90 (Murrey 3/8) immediate resistance. If this level is breached, the next bullish target will be the 0.903 key resistance (Murrey 4/8).
Conversely, if the price dips below the key resistance level at 0.897 (Murrey 2/8), the overbought market will signal a bearish wave that will likely target 0.894 (Murrey 1/8), followed by 0.8911 key resistance.