USD/CHF broke its resistance level at 0.9250 forming a channel up pattern on the 4H chart. The pattern has 64% quality with 75% magnitude in a 55-bar period.
The price rebounded from the SMA200 indicator at 0.9116, then soared to the resistance level at 0.9470 and slowed near the 0.9481 level. Present bias on the 4H and daily timeframes is bullish, which leads to an uptrend extension. SMA200 started to increase after the pair had touched 0.9116, which supports the idea of a short-term increase. Bullish traders might focus their attention on the key level at 0.9500. If the price breaches this level, the initial target for long traders could be around 0.9576 where the five-month high stands.
The pair skyrocketed to the 0.9480 while RSI and Stochastic indicators reached their overbought areas at 70% and 80% respectively, which leads to the possible trend change. If the price rebounds bearish traders might pay attention to the support level around 0.9445. If the price breaches this level, the initial target for short traders might be around 0.9340.