By Anton Eljwizat – The volatile of the USD/CHF pair continues to be affected by the volatile forex market. The last month has seen a lot of bullish strength in the USD/CHF pair. However, as I demonstrated below, it seems that the pair’s bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.
• Below is the 4 hour chart of the USD/CHF currency pair.
• The technical indicators used are the Slow Stochastic, Williams, Bollinger Bands, and Relative Strength Index (RSI).
• Point 1: The price ticks are currently trading right on the upper Bollinger Band. Traders can take this as a clear indication that the pair is approaching overbought territory, meaning a downward correction is probable.
• Point 2: The Relative Strength Index (RSI) shows the price highly over-bought and beginning to turn downward.
• Point 3: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
USD/CHF 4-Hour Chart
Forex Market Analysis provided by Forex Yard.
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