The USD/CHF pair started a solid upward move breaking the 0.9970 resistance to move into a positive zone
|The US Dollar formed a solid support near the 0.9935 level against the Swiss Franc. The USD/CHF pair started a solid upward move and broke the 0.9970 resistance to move into a positive zone.
There was even a close above the 0.9980 level and the 50 hourly simple moving average. The pair traded as high as 0.9995 on FXOpen UK and it is currently consolidating gains inside an expanding triangle on the hourly chart.
On the upside, a break above the 0.9995 and 1.0000 resistance levels is needed for more gains towards the 1.0020 and 1.0040 resistance levels.
On the downside, a break below the triangle support may push the pair towards the 23.6% Fib retracement level of the recent wave from the 0.9932 low to 0.9995 high. Overall, USD/CHF remains supported on dips for more upsides above 0.9995 and 1.0000.
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