USD/CHF Still At Resistance

USD/CHF is showing strong bullish impulses that turned out to be very tough for the bears to beat. Last week the pair was impacted by the so called reverse flash crash in the euro. Then, the EUR/USD went to a high of 1.0650 and the USD/CHF slipped to 1.0050.

In light of this, right before the crash, the pair was trading at a double top which was a strong bearish signal indicating that a move to the downside is probable. The move came and the pair reached close to parity when out of nowhere the bulls stepped in and saved the day.

The pair has now recovered more than half of the decline from last week and is trading at 1.0220. If bulls manage to push the price above major resistance at 1.0330 we might see further appreciation of the US dollar.

We are just less than three weeks before Donald J Trump steps into office. This might result in high volatility in the markets due to the high expectations people have for Trump's presidency and administration.

Chart: USD/CHF D1