FXstreet.com (Barcelona) - The Dollar is rising quickly against the Swissy during the European session after climbing 140 pips from 1.0200 in the early European morning to hit highest level since Oct 12 at 1.0337.
Pair is trading around 1.0315/25, 1.05% above today's opening price action at 1.0215 after reaching 1.0190 as intra-day low. USD/CHF is extending its recovery from 1.0030, Oct 21, 22 and 23 low zone, with the pair rising 310 pips in the last week.
Kshitij Consultancy Service Team comments: Swiss has risen sharply during the day breaking above the Resistance region 1.0250-80 which we expected to hold. The next significant Resistance is seen at 1.0355 (55-DMA). If it continues to trade higher, a strong break above the Resistance at the 55-DMA (1.0355) might increase the chances of a further rise towards 1.0450-0500 in the coming days which would also signal a trend reversal.
Kshitij concludes: On the downside Support is seen in the region 1.0270-50 (Resistance-turned-Support region), a break below which might see a downmove towards 1.0200 in the US session today.