By Mohammed Isah of fxtechstrategy.com
NEW YORK (
) -- The dollar-Swiss franc currency pair (USD-CHF) followed through strongly this week on the previous week's gains, and risk is now building for more strength toward the pair's Sept. 30 high at 0.9840.
Although the dollar/Swiss franc pair still retains its broader medium-term weakness, a break above the 0.9840 level will put the pair in a position to strengthen further toward its Sept. 14 low at 0.9931, and then its Sept. 17 high at 1.0066.
For the current corrective recovery to end, the pair will have to violate its 2010 low at 0.9462. That would open the door for further weakness toward the 0.9350 and its 0.9300 levels.
Overall, the USD-CHF remains bearish in the medium term though presently being challenged by corrective recovery.
--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.