USD/CHF Moved Higher

USD/CHF moved higher as the dollar gained against the euro and EUR/CHF remained essentially unchanged. There was no specific news about Switzerland to weaken the franc.

The USD/CHF has been following a steady up-trend since Mid-June. Over the past two days we saw majors declines on this pair, as we did with most of the USD-base currency pairs. USD/CHF was unable to break through its top 4-Hour Bollinger Bands level and 0.9750 key resistance level and it then collapsed after breaking in succession its 23.6% up move retracement level ,a very strong rising trend line support and its 38.2% retracement level.

The pair bounced higher from the 0.9405 key support level and is now facing a semi-strong resistance at 0.9540. A break of this level could see the pair move higher toward 0.9600 and 0.9750. If the downside move continues, support is expected around 0.9400 with a break of this level potentially dragging the pair towards. 0.9270.
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