- US Dollar climbed higher during the last couple of sessions against the Swiss Franc, and looks set for more gains.
- There was an important break noted in USDCHF, which might ignite an upside reaction.
- US ISM New York Index, released by NAPM-New York posted an increase from the last reading of 44.5 to 65.8 in October 2015.
- US Dollar gained bids after the release and might trade further higher.
The US Dollar managed to gain bids recently against the Swiss franc, and traded above a major resistance area to open the doors for more gains. There was a bearish trend line formed on the hourly chart, which was aligned with the 50 hourly simple moving average. Buyers managed to break it and even cleared the 100 hourly MA.
The USDCHF pair is currently trading near the 50% Fib retracement level of the last drop from the 0.9956 high to 0.9838 low. A break above it might call for more upsides moving ahead.
On the downside, the broken trend line resistance area might act as a support in the near term. Moreover, the 100 MA may also provide support looking ahead.
US ISM New York Index
Earlier during the NY session, the US ISM New York Index, which assesses business conditions among manufacturers and non-manufacturing firms/organizations doing business in the New York area was released by NAPM-New York. The outcome was positive as there was an increase from 44.5 to 65.8 in October 2015.
Overall, the trend was seen in the favor of the US Dollar that might take the greenback higher in the near term.
The USDHCF pair if settles above the 50% Fib level could surge above the 61.8% Fib level moving ahead.