Morning Market Update – USD/CHF
The pair has broken out once more above the 50EMA. With such strong momentum that continues to build, it had only seemed like a matter of time, which has helped drive the break above the MA. This had been the broad projection target from the old range breakout, so the target has been achieved. This now means that USD/CHF is trading at its highest since last week, but also on the longer term, a four-hour chart is now testing the top of the range between 0.9676 and 0.95462. As yet there seems to be little reason not to believe that the greenback can continue to push higher, so buying into the intraday dips remains viable. The daily momentum indicators are all strongly configured. The only real caveat on the near-term horizon is the levels on 0.9613 is initially a resistance, with 0.9613 also a breakout resistance.
The four-hour chart shows support at 0.9569. The USD/CHF pair resumed its positive trading strongly to breach the moving average level and settles above it, which stops the recently suggested negative scenario and push the price to achieve more gains in the upcoming period, targeting testing 0.9636 level initially.
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Therefore, the bullish bias will be suggested for today, noting that breaching 0.9636 level will push the price towards 0.9676 directly, while the expected rise will remain valid unless breaking 0.9569 level and holding it again.
The expected trading range for today is between 0.9569 support and 0.9676 resistance.
Expected trend for today: Bullish
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