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USD/CHF edges higher and it seems strong enough to approach new highs. The corrective phase is over after printing a major bullish engulfing. I've told you in a previous analysis that USD/CHF is trading within a support area and that the price could turn to the upside again if the US Dollar Index rebounds.
The US data could shake the markets later today. In line with expectations or better figures could boost the pair. While poor economic numbers will force the price to decline in the short term.
Yesterday, USD/CHF registered a major bullish engulfing invalidating the breakdown below the ascending pitchfork's median line (ML). The reversal pattern signals that the short-term corrective phase is over.
Technically, the pair was somehow expected to rebound from the median line (ML) or lower from the 61.8% retracement level. Now it is pressuring the PP (0.8942) static resistance. Closing and stabilizing above it indicate a further growth at least till the median line (ML).
A new higher high, closing above 0.8939 and beyond the Pivot Point (0.8942) represents a buying signal. The R1 (0.8994) and the R2 (0.9072) should be used as upside targets.
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