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USD/CHF inching toward hourly resistance trend line at 0.9675

FXstreet.com (Barcelona) - The USD/CHF is edging higher in Asia trade, up 20 pips at 0.9667 which is just below the important resistance trend line on the 1 hour chart near 0.9875.

The FXStreet.com Trend Index remains slightly bullish on the 1 hour chat, while the OB/OS index reads overbought. Short term moving averages on the 1 hour chart are also bullish, with price sitting above both the 9 and 20 dma’s. Initial resistance sits at 0.9675 (noted above), followed by 0.9708 (reversal candle on 1 hour chart). Initial support sits at 0.9644 (the 20 dma on 1 hour chart) , followed by 0.9611 (bullish demand candle on 1 hour chart)

From a short term pattern perspective on the 1 hour chart, the current set up resembles a ‘bull flag’ continuation pattern which would need an hourly close above the 0.9675 resistance channel to be confirmed. The measured move price target from this short term pattern is up near the 0.9900 area.

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