By Anton Eljwizat – In the last 3 weeks of trading, the USD/CHF experienced much bearishness, as it now stands at 1.1040. However; it seems that this trend may be coming to an end. I will illustrate below that the USD/CHF may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the daily chart of the USD/CHF currency pair.
• The technical indicators that are used are the Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The Slow Stochastic indicates an impending bullish cross, signaling that the next move may be in an upward direction.
USD/CHF Daily Chart
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