USDCHF rises to the highest in nearly five months

The USDCHF continues to trend higher within the broader bull-channel and hit new multi-week high (the highest since Nov 2) on Wednesday.

Larger bulls accelerated after surprise rate cut by SNB last week, which increased pressure on Swiss franc and continues to weigh, with sustained break above psychological 0.90 barrier, adding to pair’s bullish stance.

Recently formed double golden cross (10/200 and 20/200DMA) and very strong bullish momentum, underpin the action, though daily studies are overstretched and warn that bulls may pause for consolidation / shallow correction in coming sessions.

Broken Fibo resistance (0.9028) and psychological (0.9000) reverted to supports, guarding daily Tenkan-sen (0.8945) which should contain dips to keep bullish structure intact for attack at next target at 0.9112 (Nov 1 high).

Res: 0.9071; 0.9112; 0.9181; 0.9244
Sup: 0.9028; 0.9000; 0.8945; 0.8895