USD-CHF: More Gains Likely

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 ( fxtechstrategy.com) -- Although downside vulnerability cannot be totally ruled out, the dollar-Swiss franc currency pair is likely to see more upside.

The currency pair maintained a second week of recovery.

A recapturing of key resistance at 0.9299, its Feb. 16 high, is in the cards.

Further out, 0.9504, the pair's Jan. 13 low, and then 0.9591 will come in as the next upside targets.

The dollar-Swiss franc's weekly RSI is bullish and pointing higher, suggesting further strength.

Alternatively, the risk to our upside view will be for the pair to reverse its present bull pressure and then retarget 0.8929 level, its Feb. 24 low.

In such a case, the pair will aim at its Nov. 3 low at 0.8890. A breach there will call for further declines toward the 0.8700 psychological level.

On the whole, the pair remains biased to the upside on correction but vulnerable.

-- 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 The Professional Suite 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.

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