USD/CHF breaks range and rises above 0.9750

By FXStreet FXStreet (Córdoba) – Since Friday USD/CHF was moving sideways around 0.9680, in a range, but recently Greenback strengthened in the market and pushed the pair to the upside, breaking the short term consolidation.

It printed a fresh daily high at 0.9757 and currently is trading around the highs, holding a bullish tone. The US dollar gained momentum in the market during the last hours particularly against European currencies. Stocks in Wall Street extended gains during the last hour. The Dow Jones is up 1.00% and the Nasdaq gains 0.80%.

USD/CHF level to watch

To the upside price is approaching a short term downtrend line that stands around 0.9760/65, originated at last week highs; above the next resistance level to watch is 0.9795 (Sept 10, 11 high) and then 0.9820/25 (Sept highs).

On the opposite direction, now the immediate support is 0.9720 that was the upper limit of the range USD/CHF was trading since Friday’s American session; below, the next potential supports are seen at 0.9665 (Sept 14, 15 low) and 0.9625.
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Source:: FX Street