USD/CHF: Technical outlook

USDCHF continued its upward journey for the third consecutive day as improving economic indicators from US supports the speculation that September could be a start to scaling back Federal reserve’s $85 billion monthly asset purchase program.

The pair is currently trading near 0.9375, capped by 200-day SMA level, ignoring optimistic Swiss GDP figure released yesterday.

From the current level, the pair is having immediate resistance of 0.9400 (100-day SMA and 61.8% Fibonacci Retracement Level of its downturn from 0.9838 to 0.9129), breaking which the pair is expected to test 0.9480 – 0.9500 resistance zone (including 50% Fibonacci Retracement Level.)

If the pair sustains a breakout above 0.9500, it is expected to head towards 0.9580 resistance level.

On the downside, the pair is expected to test 0.9320 – 0.9315 support zone (including 50-day SMA), breaking which the pair can test 0.9230 support level.

If the pair continues to fall below 0.9230, it is expected to test 0.9130 support level with 0.9170 – 0.9160 being intermediate support zone.

Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/