FXstreet.com (Barcelona) - After reaching 4-month high at 1.0555 in the early Asian session, the Dollar has been trading lower against the Swissy throughout the Asian and European early session before finding support at 1.0475 and begun to rise to test 1.0520 resistance, level that the pair has been testing in the last two hours.
Currently, the USD/CHF is trading at 1.0510, on consolidation mode after the last bullish movement from yesterday's low at 1.0445 to 1.0555. In the bigger chart, The Dollar is completing its third consecutive day with gains against the Swissy, from Jan 25 low at 1.0367 to test 200 days moving average at 1.0555.
After breaking below 1.0500 and recording a low of 1.0476, Swiss has risen once again and is now trading above 1.0500. A test of the 200-DMA (1.0543) Resistance might be seen in the US session today once again. Says the Kshitij Consultancy Service Team, Also failure to see a strong downmove below 1.0500 during the day, is keeping high chances of a break above the 200-DMA Resistance which might trigger fresh rally towards 1.07 over the next few weeks. Kshitij concludes.