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USD/CHF Grinds Major Resistance

The Swiss franc bounced after SNB Chairman Thomas Jordan insisted on pursuing the tightening. Following a break above the double top at 0.9870, a bullish MA cross on the daily chart indicates an acceleration to the upside. Strong buying interest has pushed the greenback back to parity. Last June’s high at 1.0040 is sellers’ last stronghold and its breach could resume the uptrend towards 1.0200. The RSI’s overbought condition caused a pullback and the former resistance at 0.9870 is the first level for accumulation.

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