FX.co ★ USD/CHF Extends Its Swing Higher

USD/CHF is trading at 0.9197 level and it could resume its growth soon if the US Dollar Index jumps higher. Technically, the bias is bullish, the pair could approach and reach new highs.

It remains to see how the pair will react ahead of the US NFP, Unemployment Claims, and Average Hourly Earnings data that will be released on Friday.

USD/CHF Attractive For Buyers!

As you can see on the H4 chart, USD/CHF has found strong support on the descending pitchfork's median line (ML). The pair was expected to increase after escaping from the minor Falling Wedge.

Making a new higher high could really signal more gains ahead. The 38.2% retracement level is seen as an upside target.

Outlook!

Escaping from the minor chart pattern and registering a false breakdown through the median line (ML) represented a buying opportunity. We could have a new long opportunity if the rate consolidates in the short term.

The major upside target is seen at the upper median line (UML).