USD/CHF technical analysis: Retest of recent highs likely

•  A falling wedge breakout is seen on USD/CHF's 4-hour chart favors retets of recent highs. 
• The daily RSI is reporting overbought conditions. 

USD/CHF could revisit the recent high of 1.02369 in the next day or two, as a  key technical indicator is flashing a bullish signal.

The widely-followed relative strength index (RSI) is repoprting a falling wedge breakout – a bearish-to-bullish trend change – on the 4-hour chart. Put simply, the rally from the low of 0.98944 hit on March 20 has resumed. 

The bulls, however, may have a hard time forcing a convincing break above 1.02369, as the 14-day RSI is reporting overbought conditions.

4-hour chart

Trend: Bullish

Pivot points