USD/CHF rebounded as the US Dollar Index bounced back. It's trading at 0.9135 above 0.9130 weekly pivot point and it should resume its growth if the USDX jumps higher.
The pair has escaped from a down channel pattern, so it could develop a strong swing higher. USD needs strong support from the US economy during the week to be able to resume its appreciation.
The US is to release the ISM Manufacturing PMI which is expected to increase from 64.7 to 65.0, the Final Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, and Wards Total Vehicle Sales. In line with expectations data or better should support USD's growth.
USD/JPY Turned To The Upside!
USD/CHF found strong support at the S1 (0.9080) level and now is traded far above the down channel's resistance and beyond the descending pitchfork's lower median line (LML).
Stabilizing above the weekly pivot (0.9130) could signal further growth with an immediate upside target at R1 (0.9181).
Technically, a valid breakout above the R1 and registering a fresh new high could really indicate an important growth.
Forecast!
A bullish closure above 0.9141 today's high could announce more gains in the short term. The first target could be at the 50% (0.9170) retracement level.
The material has been provided by InstaForex Company - www.instaforex.com