Forex Trading: USD/CHF Continues Move Higher, Approaches Resistance

The USD/CHF continued its move higher overnight.  The pair moved through the 38.2% retracement level at the 1.1105 level and is now targeting a test of the 50% retracement level which comes in at the 1.1323 level.  Above that level is the 100 day MA which comes in at the 1.1386 level.  The high today has taken the pair to the 1.1278 level.

On a shorter term intaraday basis, the pair has moved consistently higher and higher today  The  1.1220 to 1.1230 level should be good support for the pair (represents highs and lows - see chart above).  A break of the level on the downside, might signal a top is in place after a 4 days of sharp moves higher.

Posted in Categories: Contributor, External Research, Forex, Switzerland, USA.

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