The recent dynamics shown by USDCHF may suggest a further rally of the currency pair. According to the currency strategists of Barclays Capital, the break above the 0.9340 resistance testifies to the bull’s strength. A further rally is fairly probable in the short run.
The strategists assume that bearish retracements will attract buyers, thus initiating another rally up to 0.9455 and 0.9600 till late June. They expect the currency pair to touch 1.0200 at the end of the 3rd quarter and 1.500 in late 2012. They also expect the Swiss Franc to keep losing value in 2013 amid the US economic recovery.
According to , the Swiss Franc continues its downtrend against the US Dollar.
USDCHF is forming sub-wave 3 or sub-wave А(С)/С inside the bullish wave А(С)/С of wave level Weekly. The closest levels of resistance are 0.9494/98, 0.9517 and 0.9594. The uptrend will be completed if the price break below 0.9042 (as shown below):
