The US dollar recorded an increase against the Swiss franc. The session started at a price of 0.9957, with the pair winning 63 pips. The dollar continues its upward momentum by successfully breaking the resistance level at 0.9990, reaching peak for the day of 1.0026. After a successful break of resistance at 0.9990, we would expect the price to test the next level at 1.0055.
The dollar fell against the Swiss franc on Monday. The US currency lost its accumulated positions at the end of last week and the support at 0.9983 was overcome. Short-term expectations remain in favor of the franc. The session was open at 1.0011 and the trend was bearish all the time. The bottom of the day was hit at 0.9962 and the final was two pips higher.
The dollar / franc had a bearish momentum yesterday, sliding back under 0.9980 support. This fact confirms the bearish scenario of a false breakthrough with targets in the 0.9855 area. The closest resistance is at 1.0015, whose breakthrough can take the price to a neutral zone for re-testing the key level 1.0055.
The USDCHF attempted to push higher yesterday topped at 1.0034 but closed lower at 0.9989, printed a bearish pin bar on daily chart and hit 0.9980 earlier today in Asian session. The bias is neutral in nearest term probably with a little bearish bias retesting the H4 EMA 200 located around 0.9930. On the upside, 1.0055 remains a key resistance area and good place to sell with a tight stop loss.
The USDCHF was indecisive yesterday but overall still able to maintain its bearish short term bias since unable to break above 1.0055 key resistance area. The bias remains bearish in nearest term testing 0.9855. Immediate resistance is seen around 0.9950. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 0.9855 would retest 0.9785 key support area which is a good place to buy with a tight stop loss.
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