The USD/CHF pair is trading in the green at 0.8995 and it seems determined to approach and reach new highs. You knew from my previous analysis that the price could develop a larger growth after taking out the immediate resistance levels.
Fundamentally, the USD received strong support from the US economy today. The Advance GDP reported a 4.9% growth versus 4.5% growth estimated and compared to 2.1% growth in the previous reporting period. Furthermore, Pending Home Sales, Prelim Wholesale Inventories, Goods Trade Balance, Advance GDP Price Index, Durable Goods Orders, and Core Durable Goods Orders came in better than expected as well.
USD/CHF Under Strong Upside Pressure!
As you can see on the H1 chart, the rate resumed its growth as expected after closing above the weekly pivot point (0.8960). The bias is bullish as long as it stays above the median line (ml).
Now, it challenges the warning line (WL1) of the descending pitchfork. The immediate high of 0.8999, the ascending pitchfork's upper median line (uml) and the weekly R1 (0.9010) represents the near-term resistance levels.
USD/CHF Outlook!
A bullish closure above the R1 (0.9010) and above the upper median line activates a larger growth and is seen as a buying opportunity.
