USD/CHF trades in uptrend mode
|USD/CHF traded higher on Wednesday, breaking above yesterday’s high, at around 0.9344. That said, the advance was temporarily stopped near the 0.9368 barrier, marked by the peak of September 30th. Overall, the pair continues to print higher highs and higher lows above the upside support line drawn from the low of November 9th, and thus, we would consider the short-term picture to be positive.
A clear break above 0.9368 could signal a trend continuation and take the rate into territories last tested back in April. We see the next resistance at around 0.9396, marked by the high of April 6th, the break of which could set the stage towards the high of the day before, at around 0.9440.
Shifting attention to our short-term oscillators, we see that the RSI, already near its 70 line, has turned up again. It could emerge above 70 soon. The MACD lies well above its zero line, slightly above its trigger. Both indicators detect strong upside speed and support the notion for further advances in this exchange rate.
On the downside, we would like to see a dip below yesterday’s low of 0.9300 before we start examining a short-term reversal. The rate would already be below the upside line taken from the low of November 9th, and the bears may get encouraged to dive towards the low of November 19th, at around 0.9250, or the low of November 16th, at 0.9237. If neither zone is able to stop the slide, then we may experience extensions towards the low of November 15th, at 0.9187.
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