USD-CHF Hesitates Below Recent High

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) -- The USD-CHF pair is now seeing weakening following a stall in its recovery strength. However, the pair's bottom-forming process still remains intact as long as it can hold above the 0.9071 level and its 200 daily exponential moving average.

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This could see the pair return to its Wednesday high at 0.9331 level with a break of there opening the door for a move toward the 0.9299 level, its Feb. 16 high. Further out, the 0.9504 level, its Jan. 13 low and then the 0.9591 level will come in as the next upside targets.

Alternatively, the risk to our upside view will be for the pair to reverse its present bull pressure and then retarget the 0.8929 level, its Feb. 24 low. In such a case, the 0.8890 level, its Nov. 3 low, will be aimed at. A breach there will call for further declines toward the psychological mark of 0.8700.

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

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.