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FX.co ★ USDCHF reaches our second target.

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Forex Analysis:::2022-05-05T21:08:24

USDCHF reaches our second target.

We have been bullish USDCHF since it broke above the key resistance at 0.9475. Our first target after the break out was at 0.966 and our second one at 0.99. Short-term trend remains bullish and price has formed a parabolic rise so far.

USDCHF reaches our second target.

Red lines - Fibonacci extension targets

Black lines- Fibonacci retracements

USDCHF has surpassed the 61.8% Fibonacci retracement and is now challenging the 78.6% level. So far price is extending above the 100% of the first leg higher. Next target is at 1 where we find the 161.8% Fibonacci extension target. Trend remains bullish and there is now sign of a reversal. In the 4 hour chart a bearish divergence is evident as the RSI is not making higher highs as the price of USDCHF. This is just a warning. Not a reversal signal.

Analyst InstaForex
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