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USD/CHF jumps and rises above 0.9700

FXStreet (Córdoba) - USD/CHF was rising on Thursday and it jumped further following Mario Draghi’s press conference. The Swiss franc declined in line with the euro across the board as the European Central Bank president signaled that more stimulus were coming in December.

The pair was trading around 0.9620/30 before the EBC and recently hit at 0.9718 the highest level since October 8. Currently is trading at 0.9712/16, up 1.25% for the day so far, having the best performance since August.

USD/CHF technical outlook

During yesterday’s US session price broke above a downtrend line coming from October highs and strengthened. After a modest pullback to the line, gained resumed the upside and extended gains. The short term outlook favor the US dollar.

The rally brought the price back above the 20-day MA that stands at 0.9650. The next key level to the upside is the area below 0.9800 that capped the upside during the second half of August and during September. The pair could rise toward the mentioned level and if it consolidates on top it could open the doors for more sustain gains.

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