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USD/CHF lifts to ten-day highs as bullish trend meets bearish flag risk
The outlook turns mixed around the 50-day SMA near 0.8071, with a dip below it pointing to an initial slide toward 0.8042.
USD/CHF edged higher on Wednesday, gaining about 0.30% and refreshing ten-day highs around 0.8138, according to FXStreet.
The uptrend remains intact as the pair continues to print successive higher highs and higher lows, and momentum stays bullish with the Relative Strength Index (RSI).
Still, FXStreet said a bearish flag is forming, which could trigger a deeper pullback before USD/CHF resumes its advance.
Key levels to watch include 0.8071, the 50-day SMA, with a fall below it seen as opening a retracement toward 0.8042 and 0.8000, while a break above the flag’s top trendline could allow a move toward 0.8200 and the yearly peak near 0.8205.