USD/CHF Upside Continuation!

USD/CHF rallied in the last hours and now it stands at 0.9178 level below 0.9185 today’s high. It has increased as the Dollar Index has managed to rebound. Surprisingly or not, USD increases even if the US data has disappointed earlier.

The US Prelim GDP increased only by 6.6% below 6.7% expected. Also, the Unemployment Claims increased from 348K to 353K, even if the specialists expected a decline to 345K.

USD/CHF Technical Analysis!

USD/CHF escaped from a descending pitchfork and now it tries to make a new higher high. Closing above 0.9178 former high signals strong buyers in the short term. As you can see on the H4 chart, USD/CHF has failed to stabilize under the ascending pitchfork’s median line (ML). This is seen as a bullish signal as well.

It has moved sideways in the short term and now it has escaped from a triangle. Its failure to make a new lower low signaled that the downside is over. Still, in the short term, we cannot exclude a temporary decline after the current rally.

Conclusion!

The aggressive breakout through the median line (ML), upper median line (uml), and above the weekly pivot point (0.9158) signaled an upside continuation.

 

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