FX.co ★ USD/CHF: minor retreat

The currency pair retreated after reaching an intraday high of 0.9048. The instrument is trading at 0.9017 at the time of writing. Still, the retreat could be only temporary. The rate could test and retest the near-term support levels before jumping higher again.

Today, the Switzerland KOF Economic Barometer came in at 95.8 points above the 95.7 points expected. Tomorrow, Retail Sales may report a 1.2% drop after a 1.8% drop in the previous reporting period.

Still, only the US data could be decisive and could bring sharp movements. The Employment Cost Index, CB Consumer Confidence, and Chicago PMI should bring life to the USD/CHF pair.

USD/CHF Needs More Bullish Energy!

The bias remains bullish as long as it stays above the median line (ml). It has found resistance at the 0.9042 former high.

After its strong leg higher, temporary retreats are natural. Consolidating above the median line (ml) and above 0.9001 could announce a new bullish movement.

USD/CHF Outlook!

Testing and retesting the median line (ml), registering false breakdowns may announce a bullish momentum. This scenario brings new buying opportunities. Still, an upside continuation should be activated only by a bullish closure above 0.9042 and above the upper median line (uml).