Yesterday I wrote that the Swissy was ready for rebound. As it happens we saw a nice bounce in trade on Thursday as we managed to move about 0.6% higher.

I was bullish on the USD/CHF and the sell-off in the USD allowed us to find a nice entry point. The 20-EMA was pullback zone that I liked the look of and when we got the large bullish candle with a long wick, that confirmed the trade idea.

As we move higher, my overall target is 1.000 However there does seem to be some resistance just above the current levels which will potentially slow down our progress.

I see 0.9500-9750 as a choppy zone. So if you are looking to take off your position, the bottom of that range might be good.

Longer-term I see the USD regaining its footing and pushing higher however that will likely play out over the course of a few sessions at the very least.

USD/CHF – 240 min Chart.