The currency pair increased further and resumed the upside movement. Is trading in the green and looks poised to take out a major resistance level. USD/CHF increases further as the USDX resumed the yesterday’s impressive bullish candle. The USDX has managed to jump above the 93.68 previous high and now is trading above the 93.81 horizontal resistance. A valid breakout will confirm a larger rebound in the upcoming weeks and a USD dominance.
The USDX is expected to increase further as the Federal Reserve is expected to hike the rate in December.
The USD/CHF will be driven by the technical factors today, the US is to release only the Total Vehicle Sales indicator, which is expected to increase from 16.1M to 16.9M, but remains to see if will have any impact.
Price is pressuring the upper median line (uml) of the descending pitchfork. Has jumped above this dynamic resistance, but remains to see if will really have a valid breakout. USD/CHF has managed to come back above the up sloping red line, signaling that the bulls are very strong on the short term.
I’ve drawn an ascending pitchfork to catch a larger upside movement, you can see that the median line (ml) represents a very strong resistance level, it was rejected several times in the last weeks. Price could increase further even if will stay under this dynamic resistance.
