USD/CHF May Have Broken

The USD/CHF pair has been going up for the last four months with just a few breathers only to continue on its uptrend with more power and a stronger momentum. The pair made a low on Feb 16th at 0.92 and it reached current top at 1.0050.

The pair is now trading at 1.0001 with a few intraday ups and down ranging between 10-20 pips. On the daily chart, as shown, USD/CHF appears to have found the top. It even took it a few days hovering at the top before the price broke to the downside.

USD/CHF was massively overbought and only now we are seeing some pullback. The indicators clearly show that the trend is starting to turn which could be a good time to enter short and enjoy the ride.

Still, be cautious of a probable bear trap which could be in the making.

Chart: USD/CHF D1