Daily Forex Update: USD/CHF

Moving higher in conjunction with U.S. Dollar’s rally, the USD/CHF formed a Rising Wedge pattern within the intraday uptrend (which formed as the Swiss Franc lost ground against the U.S. Dollar) on the 60-minute chart. Prices were able to rally higher through 1.0600 – which had been significant near-term support towards the latter part of the U.S. trading session. Although support has been confirmed, a stall appears to be forming as the uptrend loses momentum. Today’s high was 1.0634, and this value will likely be the ceiling with which the bulls will have to contend should the USD/CHF continue higher.