- USD/CHF took out 2015 high last week and rose to its 5-year high. However, the spot faces a strong resistance at 1.0330 (triangle resistance).
I would prefer waiting for a monthly closing, before taking a decision on whether to go long or short.
Another point to note is, the pair appears overbought on the daily chart and hence stands exposed to a technical correction.
So a monthly closing above 1.0330 may not be followed by a rally, but by a technical correction. HOwever, if the Nov closing is above 1.0330, the odds are high that the pair could move back above the same and extend gains to 1.05-1.06 levels.
