USD/CHF Breaks Parity

The USD/CHF pair broke the parity level today as it went as high as 1.0068. The US dollar strengthened against major currencies and we saw Gold and Silver go down in value. Currently, the USD/CHF pair is trading a little lower at 1.0049 but a sudden move to the upside is not out of the picture.

The highest high was a test of the double top as the first one was reached in early May this year. So far the level has been holding up strongly and we have not yet broken out of it.

If the bear camp decides to sell on the bounce we could expect the exchange rate to reach below the upside trading channel at 0.9980. On the other hand, a break out of the double top could result in a continuation of the bullish trend with first target at 1.0100.

Chart: USD/CHF H4