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Forex pairs in this Article » USD/CHF
FXstreet.com (New York) - The USD/CHF technical pair rebounded out of an earlier trough that pitted the exchange rate in the depths of 0.9411 (intraday low) earlier today.

USD/CHF rallies off of earlier support

At the time of writing, the USD/CHF has eliminated its earlier losses and broken into positive territory at 0.9466, up +0.11% in these moments. Given the recent surge and return to the upside, the Mataf.net analyst team has identified the next short-term measures of resistance at 0.9494, then 0.9532, and 0.9576. Alternatively, support lies below at 0.9412 (session low), then 0.9368, and ultimately 0.9333.

In the United States, the Reuters/Michigan Consumer Sentiment Index (June) was reported at 84.1, beating expectations of 82.8, and compared with 84.5 previously. In addition, the Chicago Purchasing Managers Index (June) came in at 51.6, missing estimates that called for 56.0.

USD/CHF upside move likely to extend

According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped after touching 50% correction. However the upside move is likely to extend in light of stabilizing above 0.9400 levels, whereas it represents the first target of the bullish technical harmonic Alternative Bat pattern. Based on technical harmonic analysis rules, stability above the first target gives the possibility of touching the second target at 0.9570 represented in 61.8% correction.”
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