The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- The dollar-Swiss franc currency pair closed higher for a fourth consecutive week, setting the stage for further strength as we enter a new week.
USD-CHF's continued upside offensive keeps the rally that was initiated from the 0.8568 level intact.
Nearby resistance stands at the 0.9316 level, the October high, now that the pair has taken out the 0.9234 level.
A violation of 0.9316 will cause the dollar-Swiss franc currency pair to resume its short-term uptrend toward the 0.9400 psychological level.
Further out, there is scope for more upside gains toward 0.9503, the Feb. 22 high.
USD-CHF's weekly relative strength index (RSI) is bearish and pointing lower, suggesting further strength.
Alternatively, the risk to our analysis will be a return to less than 0.9234 and a move lower toward 0.9146, the Nov. 10 high. Further down, a target lies at 0.8568, the Oct. 27 low, where a loss will create scope for further weakness toward the 0.8400 psychological level.
In summary, the pair now should now target the 0.9316 level as it looks to resume its short term uptrend.
-- Written by Mohammed Isah
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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.