USD/CHF - USD/CHF Target Locked at 0.9870! - 10/12/2016 (GMT)

The USD/CHF pair over the last couple of months is establishing and trading within a consolidation area with upper band the 0.9960 resistance level and lower band the 0.9500 support barrier. The latter level will be significant for the bulls over the short and the medium terms as a break below there would change the bias from neutral to bearish. Additionally, the pair recorded a new 2-month high at 0.9890 and surpassed above our recommended second target at 0.9870 (see our technical analysis here: http://bit.ly/2eesNS1).

Currently, the pair is making an attempt to break the 0.9890 resistance level and retest the 0.9960 strong obstacle. The price is moving above the three SMAs (50-SMA, 100-SMA, and 200-SMA) endorsing the bullish scenario while SNB Gov Board Member Zurbrugg will have a speech in a while and may affect the continuation of the trend. Technical indicators on the daily chart, are following the positive path and they are approaching the overbought areas.