USD/CHF flirts with the 0.9375 higher high. Passing and stabilizing above it may signal further growth ahead. Technically, the outlook remains bullish as the USDX is bullish and because the pair is traded within an up channel.
CHF may resume its depreciation as the risk-on sentiment dominates the markets. SNB maintained its monetary policy, the SNB was kept at -0.75% as expected. USD could extend its growth if the US Final GDP, Final GDP Price Index, and the Unemployment Claims will come in line with expectations or better.
USD/CHF Resumes Its Up Channel!
USD/CHF continues to increase within an up channel after breaking out from a minor Falling Wedge pattern. Breaking above 0.9375 and through the R2 (0.9378) could signal an increase far above 0.94 psychological level.
Registering a new higher high validates more gains. The near-term major upside target is seen at the channel’s upside line. USD/CHF is back above the 50% retracement level after the price’s failure to reach and retest the 38.2%.
Tips & Forecast!
A bullish closure above 0.9375 and beyond the R2 is seen as a bullish signal. The 61.8% retracement level, the R4 (0.9495), and the upside line represent immediate upside targets.
The material has been provided by InstaForex Company – www.instaforex.com
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