The USD/CHF closed above the 16 month high on Friday and now has a pretty clear shot at 1.000 with only 1 main hurdle standing in the way, and S/R zone not tested since 2010 at 0.9908 about 140 pips from where price is at time of writing. The Asian markets have only moved the pair lower by about 35 pips and finds the pair resting on the 30 day high at 0.9771 which is now acting as support. It is possible that we will see some consolidation, or at least a minor pullback to the Weekly Pivot at 0.9700 but the upside potential is very strong for this pair. In spite of the efforts by the SNB to keep the currency stable, there is just too much uncertainty in the EURO Zone that is weighing heavy on the Franc and allowing the USD to take back its so called 'safe haven' status with investors flooding back to it last week. From an intra-day perspective, there is resistance at 0.9818 & 0.9860 as well as support below at 0.9751 & 0.9709 with strong support at 0.9678 if it should pull back that far. I expect that barring any interventions by the major banks, this pair will remain Bullish through the week.
Happy Trading!