USD/CHF Technical Analysis: Swissy Continues its Bullish Trend
- USD/CHF Technical Strategy: intermediate-term: mixed + choppy; short-term: bullish.
- Swissy has confirmed its bullish tendencies on short-term charts, alluding to the longer-term formation in the pair.
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Last week highlighted an interesting potential support level of higher-low around the 0.9950 area, where a plethora of Fibonacci retracement levels and prior price action inflections denoted its forward-looking usability.
A dip below that level, and traders would likely question the prospect of continued bullishness. However, that recent higher-high, higher low seen around the 0.99689 level did indeed signal the return of bullish price action. The pair broke above parity and has continued strengthening, targeting the resistance levels around 1.00740 on March 15, with support back around that 0.99698 level
The longer-term technical picture suggests a long-term bullish bias since the Swiss National Bank unpegged the Franc in January 2015.
Chart 1: USD/CHF Hourly Chart (March to April 2017)
--- Written by Oliver Morrison, Analyst
To contact Oliver, email him at email@example.com
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