USD/CHF currency pair may be forming a bullish RSI divergence on 4H timeframe. The pattern is forming after more than 2 weeks of downtrend which may mean that the downtrend is reversing. An RSI bullish divergence happens when the price is on a downtrend but the RSI is getting higher lows or is on an uptrend. The RSI bullish divergence is most useful following a downtrend and is an indicator that a possible bullish reversal is imminent. See the chart below.
The Agimat FX 2020 chart forex signal is also forming a bullish buying signal although no confirmation yet as the yellow box has not appeared yet. The Maxwells Equation is already pointing upwards which a possible sign of reversal to bullish. Again, the whole Agimat buying criteria has not been fully established yet until the yellow confirmation box appears. Read more about Agimat FX 2020 indicator here.
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As with other posts, we will check again in a few days if the bullish reversal will materialize. Happy Trading!
Update Aug 3, 2020 – As of Aug 3, 2020, the USD/CHF has indeed gone up by about 92 pips. It still possible that it will continue to rise after this minor pullback.
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