The USDCHF Climbs to highest close since 20 March 2019

The USDCHF currency pair on the 4 Hours Chart has been in an uptrend since 20 March 2019 when it registered the low price at 0.98947. Subsequently, the price displayed a series of higher tops and higher bottoms. On 18 April 2019, the USDCHF currency pair recorded the high price of 1.01595. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of Swissy. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values in the overbought zone after an increase in buying and excess of net gain. All three technical indicators are in agreement for the upward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 1.01204 (161.8%). The second price target is seen at 1.01372 (261.8%). The third price target is projected at 1.01644 (423.6%). The first and second targets were reached successfully. The Swissy is currently trading above the uptrend line. The presence of the Long White Body hints for a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the course of Swissy. Current price is 1.22 % above the last week close after a sharp rise in price during a period of heavy buying. Although the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bullish.