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USD/CHF looking for parity?

FXStreet (Córdoba) - USD/CHF is posting modest gains on Tuesday, on a day were equities dropped sharply in Europe and in Wall Street. The US dollar and the yen were the best performers while the Swiss franc outperform among European currencies.

USD/CHF testing 0.9755

The pair started to rise last Friday after bottoming at 0.9520 and since then climbed more than 200 pips. The rally of the USD/CHF was capped today below the 0.9750/60 resistance area. A break higher could open the doors for more gains and would expose 0.9800.

Price action if forming a head and shoulders pattern in 4-hour charts, that could signal a change in the trend USD/CHF had been experiencing since early August. It the formation materializes the key dynamic resistance to watch will be a downtrend line that links 2015 highs, with March and August highs that currently stands at around 0.9850.

A break of the mentioned trend line could open the doors for more gains in the medium term, including the possibility of rising again above the parity level.

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