USD CHF Improved from previous session in Forex market
7/28/2017 3:37:10 PM
The USD/CHF pair improved previous session's strong up-move and touched a one-month high beyond the 0.9711 handle, although recoiled few pips afterward.”
The pair on Thursday held up the post-FOMC retracement and rushed over 168-pips from sub-0.9505 level. The first leg of up-move was supported by a goodish USD recovery and the momentum gathered momentum after the pair conclusively moved beyond the 0.9610 handle.
The pair kept on gaining traction through Asian session on Friday but now appears to have met with some fresh supply near 0.9718 area and has now recoiled around 33-38 pips from session tops. Now trading around 0.9687-95 area.
Constant move beyond 0.9727 level has the possibility to boost the pair towards June monthly highs persistence near 0.9760-75 area and the momentum could more get expanded towards the 0.9810 handle. On the other hand, any pull-back now appears to find support near 0.9680 area, below which the pair could float back to 0.9633-38 horizontal support on the way 0.9605 handle.
FOREX market analysis by FxErvin.