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The US dollar was seen trading higher against the Swiss franc, as the US dollar buyers managed to gain control recently. The Euro struggled a lot recently, which helped the USDCHF pair to trade higher. There are a couple important releases in the US today, including the GDP data. So, one might witness a lot of swing moves in the US dollar. There is even chance that the EURUSD might create a new low and USDCHF to trade above the last high of 0.9850. Let us wait and see whether the pair can manage to clear the mentioned level or not after the release.
There is a bullish trend line formed on the hourly chart of the USDCHF pair, which acted as a catalyst in the near term. The pair recently traded lower towards the 23.6% fib retracement of the last leg from the 0.9625 low to 0.9847 high. However, it was clearly rejected around the mentioned fib level. It is currently heading back towards the last high of 0.9847 which is likely to protect the upside in the near term. If at all the pair manages to clear the stated resistance area, then it could march towards the 0.9900 handle. It is around this level the USDCHF pair might struggle and sellers might put up a fight to protect more gains.
On the downside, the highlighted trend might continue to act as a support for the pair. A break below the same might expose a test of the 100 hour MA.
Overall, one might consider buying dips as long as the pair is trading above the stated trend line.
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Posted By IKOFX Technical Team: Online Forex Broker
Website – http://ikofx.com
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