USD/CHF is expected to move further upward. The pair broke above its previous key resistance at 1.0050, which becomes a key support now, and accelerated on the upside. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages. The relative strength index is bullish above its neutrality level at 50 and lacks downward momentum.
The U.S. Federal Reserve's Beige Book indicated modest growth in the economy from November through the end of 2016. In addition, Federal Reserve Chairwoman Janet Yellen delivered an upbeat economic speech which helped to lift both the U.S. dollar and financial shares.
As long as the key level at 1.0050 is support, look for a further upside toward 1.0100 and 1.0120 in extension.
Resistance levels: 1.0100, 1.0120, 1.0180
Support levels: 1.0030, 1.0010, 0.9975
