The USD/CHF pair is likely in a short-term uptrend, with recent movements suggesting a bullish outlook. Breaking above the key resistance level of 0.8989 on June 11 indicates a shift in trend towards more upside potential.
On the 4-hour chart, upside targets for USD/CHF are at 0.9034 (50-day Simple Moving Average) and 0.9084, which is the 0.618 Fibonacci extension of a bottoming pattern resembling a bullish Inverse Head and Shoulders (H&S) pattern.
Confirmation of a continued uptrend would come with a close above 0.9000 and the 200-period SMA. However, there are indications of a potential pullback in the near term. The RSI is overbought and may exit the zone, while a Tweezer Top bearish reversal pattern has formed, suggesting a short-term reversal.
If a pullback occurs, support is expected around the 0.8950s before a potential turnaround in line with the overall uptrend.