Tuesday, October 27, 2015

USD/CHF testing September highs

FXStreet (Córdoba) - USD/CHF is rising for the fourth day in a row and currently is trading at 0.9814/18, slightly below September highs. The pair still holds a bullish tone and is standing at a key technical level.

USD/CHF and 0.9800

Today the pair peaked at 0.9838, hitting the strongest level since September 26 and then pulled back modestly. It found support at 0.9790, above the 20-hour MA, that become a relevant intraday support.

If the pair is able to post a daily close above 0.9800 it would be the highest close since August 15 and it could open the doors for further gains. On the upside, resistance might lie at 0.9845 (September high) and then attention would turn to October highs located around 0.9900.

USD/CHF still holds a bullish tone but if it is unable to hold above 0.9800 it could signal a possible short term top triggering a correction. Support levels might lie at 0.9800 (Oct 23 high), 0.9755 (daily low) and 0.9710.
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