USD/CHF rises to 2-month highs

USD/CHF bounced sharply, like the EUR/USD pair but in the different direction. The pair bottomed during Draghi’s press conference at 0.9841 but then reversed and broke above 0.9900. 

It continued to rise and broke above 0.9915 (Oct 19 high). Recently peaked at 0.9930 hitting the strongest level since July 27. It was trading near the highs, holding a bullish tone. 

Despite leaving rates and the QE program unchanged, Draghi signaled at an extension of the purchase program and weakened the euro but also the Swiss franc. Greenback on the other side, remains strong in the market, posting gains across the board. 

Technical levels 

To the upside, resistance levels could be located at 0.9930 (daily high), 0.9950 (July high) and 1.0000 (psychological). On the opposite direction, support could be located at 0.9915 (Oct 19 high), 0.9875 (Oct 17 & 19 low) and 0.9840 (daily low).