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USD/CHF: Strong resistance at 1.0330

FX:USDCHF   U.S. Dollar / Swiss Franc
16 0 1
  • USD/CHF took out 2015 high last week and rose to its 5-year high. However, the spot faces a strong resistance at 1.0330 (triangle resistance).

    I would prefer waiting for a monthly closing, before taking a decision on whether to go long or short.

    Another point to note is, the pair appears overbought on the daily chart and hence stands exposed to a technical correction.

    So a monthly closing above 1.0330 may not be followed by a rally, but by a technical correction. HOwever, if the Nov closing is above 1.0330, the odds are high that the pair could move back above the same and extend gains to 1.05-1.06 levels.
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