Forex Technical Update
USD/CHF 4H Chart 6/8/2012 7:32AMEDT
Indeed the USD/CHF held above the 0.95 handle. It has also pushed back above 0.96 as well as a declining trendline that goes back to the beginning of June.
Junes action has so far been a correction against May's rally, but this breakout suggests that correction is over.
The first key pivot is at the 0.9627 level.
As support, an important pivot is near the 0.9580-0.9585 area.
Before becoming bullish, note that the market has recently broken below a rising trendline. Thus the market should be assessed as range-bound to bullish.
For now, the maximum target should the the May high just a hair below 0.9770.
Fan Yang CMT is a trader, educator and the Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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