Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF hits fresh highs above 0.9600
FXStreet (Córdoba) – <a href="//www.fxstreet.com/analysis/usd-chf-forecast/
“>USD/CHF extended weekly gains and hit a fresh 3-month high above 0.9600 boosted by a stronger US dollar across the board.
USD/CHF rally goes on
The pair is rising of the third day in a row and remains strong. Yesterday it confirmed the break of the 0.9500 – 0.9520 area and gained support. Today after the release of US CPI and housing data gained momentum and recently peaked at 0.9616.
Now USD/CHF is pulling back, trading at 0.9600, 25 pips above yesterday’s closing price and more than 200 pips on top of the level it had a week ago.
How far can it go?
The short term outlook remains bullish for the pair and if it consolidates on top of 0.9600 could rise further. The next resistance area is located at 0.9635, followed by 0.9675.
The weekly chart shows the pair headed toward the highest close since March and back above the 20-SMA. If the rally continues a probable target lies around 0.9850 (April highs).
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Source: FXStreet
