The USDCHF currency pair has been growing dynamically since the key support has been falsely broken at 0.9580. The price setting current maximum has already travelled from this level over 350-pips. Is there still a chance to grow?
As can be seen in the 4-hour chart below, the price has risen recently with a high momentum, where the closing of individual intervals takes place above the 10-period average EMA. This indicates a significant strength of the demand side.
However, it is worth bearing in mind that the rate is closer and closer to the supply/resistance zone around 0.9960 / 70. There may also be more offers that will probably keep up the dynamics of increases.
In the case of this currency pair, today’s data from the US labour market (including NFP) may also be relevant. If they are favourable for dollar bulls, there is a chance for a rise above the resistance mentioned above. Otherwise, the next levels of horizontal or dynamic support will be tested (EMA 10/20).
