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USD/CHF Descending Trend Line Break (January 9, 2014)
The downtrend on USD/CHF may soon be over as the pair already closed above the falling trend line on its daily time frame. As you can see though, stochastic has reached the overbought zone, which means that buyers may be getting tired.
However, the oscillator hasn’t crossed down yet, which suggests that there’s enough buying momentum. The pair could climb up to the next area of interest around the .9200 major psychological level.
Longer-term traders could aim higher and trail stops to protect profits.
By Kate Curtis from Trader's Way
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