USD/CHF Technical Analysis: Bullish break through a 1-month old descending trend-line
|• The pair built on overnight goodish rebound from the 0.9900 handle and finally managed to break through a one-month-old descending trend-line, extending from 14-month tops set in July.
• The ongoing USD upsurge, coupled with fading safe-haven demand remained supportive of the positive momentum and further reinforces the near-term bullish breakout.
• Technical indicators on the 4-hourly chart have started gaining positive momentum and hence, a follow-through positive momentum, towards the parity mark and beyond, now looks a distinct possibility.
USD/CHF 4-hourly chart
Spot Rate: 0.9974
Daily Low: 0.9932
Trend: Bullish
Resistance
R1: 1.0000 (psychological round figure mark)
R2: 1.0015 (R3 daily pivot-point)
R3: 1.0043 (July 19 swing high)
Support
S1: 0.9953 (descending trend-line resistance break-point)
S2: 0.9932 (current day swing low)
S3: 0.9911 (S1 daily pivot-point)
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