novvoll12
Long

USDCHF -bullish- Posts new 4-month highs within a rising channel

FX:USDCHF   U.S. Dollar/Swiss Franc
20 0 0
USDCHF             surged to a new 4-month high at 0.9848 Thursday (August 6, 2015), testing 6-week bull channel resistance. Further gains open the 0.9862 high (April 13, 2015) near 76.4% of the 1.0126/0.9071 fall ahead of 0.9982 (March 19, 2015 high). However, overbought conditions caution for pullbacks. The immediate support lies at 0.9758 near a 5-day rising trendline (as shown on the 240minute chart). A deeper setback below the trendline support would risk the 0.9667/0.9648 zone near the 6-week bull channel lower bounds which should contain the dips.
Outlook:
Short term: bullish
Long term: bullish
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