The US Dollar climbed higher sharply above the 1.0100 and 1.0140 resistance levels against the Swiss Franc. The USD/CHF pair even broke the 1.0150 level and traded close to the 1.0165 level.
There was a close above the 1.0140 level and the 50 hourly simple moving average. The pair traded as high as 1.0163 and it is currently correcting lower towards the 1.0150 support and a bullish trend line on the hourly chart.
The pair could dip a few points towards the 1.0145 level on FXOpen UK and the 50 hourly SMA, but any further declines are very unlikely.
Once the current correction is complete, USD/CHF is likely to bounce back above 1.0160 and 1.0165. On the upside, the next main resistances are at 1.0180 and 1.0195. On the downside, a close below the 50 hourly SMA could push the pair towards the 1.0120 support.
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