USD/CHF found the support34 pips above the level we had mentioned last week (quoted above). The currency pair found support at 0.9241 and then broke above the mentioned resistance of 0.9340. The pair went as high as 0.9383 after breaking over the 55-day EMA resistance and closed for the week at 0.9347.

We had covered this price action during last week end and the view remains same. The break of the 0.9340 resistance and 55-day EMA now calls for further rise towards 0.9440 or more. Please note that the psychological pressure of 0.9500 ranges will start from 0.9420 and even if USDCHF breaks over the resistance zone of 0.9420/0.9440, some good resistance is expected near 0.9455/0.9465.

A decisive break over this should make the currency pair to test the psychological 0.9500 and even a retest of previous high of 0.9512.
The above outlook will remain in place as long as the support holds near 0.9300. Any break below 0.9300 with any sustained price action below 0.9290 will neutralize this outlook and the focus will turn back towards downside.
Please note that we will be taking any upward move just as a correction. Our overall outlook for USD/CHF will not turn bullish till a break of 200-day moving average and the support turned resistance trend line gets broken.

Please check the following points regarding these:

1) Fore past 3 months, the resistance has been continuously coming near 200-day moving average. Please check this daily chart of USD/CHF.
2) The earlier support trend line has turned into resistance trend-line.

Please check this blog post about USD/CHF which covers both the above points.

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