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The US dollar climbed higher against the Euro and the Swiss franc during the past couple of sessions. The USDCHF pair is one of the best performers, as it is following a classic bullish trend line the hourly timeframe. Later today, during the NY session, the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York will be published. The Forex market is expecting a minor decline from the last reading of 9.95 to 9.00. Moreover, the head of the Swiss National Bank, Thomas J. Jordan is also scheduled for a speech later today. Both these events have the potential to move the USDCHF pair in the near term.

There is a monster bullish trend line formed on the hourly chart of the USDCHF pair, which acted as a barrier for the US dollar sellers on several occasions. The highlighted trend line holds a lot of importance, as the 100 hour MA is also moving along the trend line. So, if the USDCHF pair moves lower from the current levels, then it might find support around the 0.9300 area. The mentioned level is also coinciding with the 23.6% fib retracement level of the last leg from the 0.9194 low to 0.9335 high. A break below the same might call for a test of the 200 hour MA, which is sitting around the 50% fib level.

On the upside, initial resistance is around the last high of 0.9335. Any further strength might take the pair towards the 0.9360 level.

Overall, one might consider buying dips in the USDCHF pair as long as it is trading above the highlighted trend line.

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Posted By IKOFX Technical Team: Online Forex Broker
Website – http://ikofx.com