FX.co ★ USD/CHF Ignores All Upside Obstacles!

USD/CHF is trading in the green and it seems strong enough to jump above 0.9218 today's high. The pair rallies as the US Dollar Index continues to increase. The price has developed an upside reversal after moving sideways.

USD/CHF has continued to increase even if the US Unemployment Claims have increased unexpectedly in the last week. DXY's further growth should push the pair higher.

USD/CHF Edges Higher!

USD/CHF is trading far above the descending pitchfork's median line (ML) and above the 50% retracement level. It has ignored all the upside obstacles and now it could approach and reach the 38.2% level.

Technically, the current upwards movement was somehow expected after printing a Double Bottom pattern on the 88.6% retracement level. The reversal pattern was confirmed after breaking above the 0.9053 level.

Outlook!

USD/CHF could resume its growth as long as the US Dollar Index continues to increase. Unfortunately, it is too late to buy it right now. A potential decline could help us to catch a new upwards movement.