The US Dollar has surged by 177 pips or 1.96% against the Swiss Franc since September 1. The currency pair breached the upper boundary of a descending channel pattern on September 7.
Given that a breakout had occurred, bullish traders could continue to pressure the exchange rate higher during the following trading sessions. The potential target for bulls would be at the 0.9300.
However, a resistance cluster formed by the weekly R1 and the monthly R1 near 0.9185 could provide resistance for the currency exchange rate in the shorter term.
