FXstreet.com (Barcelona) - USD has risen around 160 pips, 1.40%, along the day from the 1.1471, in early Asian session, to reach 1.1637, after European markets opening, fresh 4-weeks high. Currently, the pair is trading around 1.1620/30.
Yesterday, USD/CHF rose 0.39% from 1.1429 opening price, reaching 1.1520 as maximum and 1.1400 as minimum, to close the day at 1.1474.
According Ian Copsey, FX-Forexcaster.com analyst, USD/CHF reaction from the 1.1519 high has been poor but I still prefer a bearish stance: As expected we saw a cap within the 1.1513-47 area but the reaction lower has not been very convincing so far. Maybe we need to allow for one more push higher though I'm not particularly keen on this. Note resistance between 1.1519-47. If this is going to turn into a deeper move higher then a move above 1.1550 should move on to retest the 1.1622 high. This may well hold temporarily but the implication will be for the larger correction to reach 1.1674-96 at least. The next resistance is not seen until 1.1780-00.
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