USD/CHF - A Double-Bottom Has Been Validated
USD/CHF has broken the resistance at 0.9757, validating a double-bottom formation. The implied upside potential is given by 1.0023. Hourly resistances can be found at 0.9812 and 0.9984. Hourly supports lie at 0.9751 (intraday low) and 0.9674 (intraday low).
In the longer-term, the bullish momentum in USD/CHF has resumed after the decline linked to the removal of the EUR/CHF floor. A test of the strong resistance at 1.0240 is likely. A key support can be found at 0.9450 (26/02/2015 low, see also the 200-day moving average).