USDCHF is in a strong uptrend and it continues to surge higher after recent comments from SNB vice president Zurbruegg who implied that CHF is still overvalued. That hints to possible SNB intervention in the future. Technically USDCHF could start a retracement soon and buy into dips is a valid option for all USDCHF traders. 0.9770 zone shows a strong POC (X cross, 50.0, previous sellers/now moment buyers). I have marked with a square near term important price action which suggests that 0.0775 zone turned into support after it had served as strong resistance in the past. We still don’t know if this candle marks the start of possible retracement, but judging by MACD it is nearly there (weakening histograms while MACD above 0 line).
Targets for the move are 0.9875 and 0.9950 if 4h candle closes above 0.9875 and 0.9700 needs to hold.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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