FXstreet.com (Barcelona) - After it falls around 100 pips from the 1.1848 level, maximum since Feb 20, to the 1.1748, today's low, The USD/CHF has recovered slightly to test the 1.1800 resistance.
The USD/CHF has risen more than 50 pips the last hour from 1.1748 to the 1.1800 new resistance in a new attempt to go to the congested band of 1.1.1800/30, and approach its highest levels in three months.
Currently, the USD/CHF is trading around the 1.1780/1.1800 band, if the pair could jump above 1.1800, the USD/CHF could attempt to break 1.1880 resistance level (Feb 20 high) and above here the pair would approach 1.1956 (Dec 5 low). On the downside, below 1.1800, next support level comes at 1.1750, 1.1720 and 1.1660.
According to Hugh Gordon, Analyst at ForexYard, The USD/CHF may be in a correction movement in the nearest future: It appears a breach of the upper border of the hourly chart's Bollinger Bands occurred early this morning, indicating the pair may correct downwards in the nearest future. However, the bullish channel which this pair is currently trading in has not been penetrated by a clear breach of its upper or lower levels. Trading within this range by buying on lows and selling on highs might be a wise choice today.