The USD/CHF has increased significantly today and has resumed the bullish movement, has managed to jump much above the 1.0000 psychological level and looks determined to climb towards fresh new highs in the coming period. The rate has found temporary resistance, has hit an important static resistance, he could take out this level if the USDX will have enough directional energy to climb much higher in the coming days.

The USD was pushed higher by the USDX’s rally, the index has increased as much as 101.62, but has failed to touch the 101.78 previous high because has hit an important resistance area, only a further increase will help the USD to appreciate further versus its rivals.  Personally, I believe that the USD/CHF will decrease a little after the impressive rally, could come back to retest a support level before will jump much higher.

The Swiss Franc has depreciated versus the greenback even if the Switzerland Trade Balance indicator has come in better today, the trade surplus has increased from 2.69B to 4.73B in January, beating the 3.03B estimate, but the CHF has ignored the goo data and have dropped sharply.

The rate has increased and has managed to jump above the median line (ml) of the descending pitchfork, has jumped above the 1.0091 static resistance, but has failed to stay above this major upside obstacle. We have a very important pivot point at the 1.0091 level, an increase above this level will signal  that the bulls are in full control and will drive the rate much higher. However a rejection here will force the rate to decrease a little on the short term, could come back down to retest the lower median line (LML) of the major ascending pitchfork before will climb much higher, we could have a great buying opportunity if the rate will come to test the major confluence area formed at the intersection between the lower median line (LML) with the median line (ml) of the minor descending pitchfork, the near term target will be at the upper median line (uml) of the descending pitchfork.