The USD has dropped significantly versus the CHF in the past few days, and it is currently traded around 0.9180. And now as evident in the data below, the 8-hour chart is giving bullish signals, indicating that USD/CHF pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the 8-hour chart of the USD/CHF currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• 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 Williams Percent Range shows that this pair was heavily over-sold peaked near the highest mark it could reach, and then turned a corner and now stands in a bullish posture.
USD/CHF 8-Hour Chart