USDCHF Channel Up prevailing for now. Buy the dip.

The USDCHF pair broke last week above the 1 year Channel Down and closed above the 1D MA100 (green trend-line) for the first time since November 09 2022. The price action has now completed five 1D candles above the 1D MA100 and the pattern that seems to be prevailing is a Channel Up (blue).

With the 1D RSI hit 67.00, almost turning overbought, so our intension is to wait for a Higher Lows (dashed trend-line) pull-back and buy the dip, targeting the 1D MA200 (orange trend-line) at 0.9000.

If the price closes a 1D candle below the 1D MA50 (blue trend-line), we will take the loss and turn bearish instead long-term. The target will be 0.83650 representing a -4.73% decline from the 1D MA50, which has taken place another 3 times already within this long-term Channel Down.

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