FX.co ★ USD/CHF

The quotes of the currency pair US Dollar/Swiss Franc continue to move towards the extreme level on the 4-hour Murray chart at +2/8 (0.8118), and I believe that a test of this level will occur soon. However, it is also possible that until a breakout occurs, the USD/CHF price will temporarily pull back down to touch the Murray level at +1/8 (0.8080), where it will likely bounce back up again, encountering resistance from bulls during the test of the 14-period moving average line. Later on, I assume that the USD/CHF pair will continue its upward movement, transitioning the current bearish trading pattern to a bullish one, which will happen with a breakout above the +2/8 Murray level (0.8118) leading to further northward movement. I believe the next target for the bulls will be to reach the pair's high from August 1st of this year near the level of 0.8170.