USD/CHF: Overall bias bullish – FX Instructor

FXstreet.com (San Francisco) - USDCHF is operating within a very limited range in quiet Asian trading this Thursday, with investors largely sidelined as they await today's European Central Bank policy meeting where a cut to interest rates is widely expected.

The pair is bracketed between 0.9579 and 0.9600 and last trades at 0.9590 vs. 0.9583 late Wednesday. Technically speaking, a Bullish Harami candlestick formation on the 60-minute chart suggests there is scope for the pair to rise farther: "Overall bias in USDCHF is bullish with the Bullish Harami just above a strong support level," says Mark De La Paz at FX Instructor.

The instructor also notes that, although this price pattern is a low level bullish reversal candlestick formation, the appearance at a strong support level suggests potential for the market to rally to 0.9618, then possibly further on to 0.9649.