USD/CHF is trading at 0.9097 level and is on track to reach 0.9101 former high. Technically, the bias is bullish, so the pair could approach and reach fresh new highs soon. The USDX's aggressive bounce back helped the greenback to appreciate versus all its rivals and not only against the Swiss Franc.
The USD has taken full control after some positive US data reported on Thursday. The US is to release the ISM Manufacturing PMI, Final Manufacturing PMI, Construction Spending, and the ISM Manufacturing Price later today.
If the actual readings come out in line with expectations or better, this could boost USD/CHF. The Swiss Franc resumed its drop after the Switzerland Retail Sales decreased unexpectedly by 0.5%.
USD/CHF Towards New Highs!
USD/CHF retested the Pivot Point (0.9044) level and now is determined to resume its swing higher. Is traded above the first warning line (WL1) signaling a new upside momentum towards the second warning line (WL2).
Technically, it should increase after breaking above the first warning line (WL1). The price has retreated to test the broken WL1 and now it could jump way higher.
Buy USD/CHF if the price closes the current H4 chart above 0.9101. The R1 (0.9141), WL2, and R2 (0.9199) could be used as immediate upside targets. A larger growth will be suggested by a valid breakout above 0.92 psychological level.