• USDCHF broke resistance area
• Further gains likely toward 0.9950

USDCHF under bullish pressure after the earlier breakout of resistance area lying between the resistance level 0.9875 (which stopped the previous sharp impulse wave (1) earlier this month) and the 61.8%s Fibonacci retracement of the previous medium-term downward impulse wave (C) from the end of July. Today’s breakout of the aforementioned resistance area comes as the result of the moderate bearish CHF sentiment seen across the markets – helped by the moderate USD bullish sentiment. USDCHF is expected to rise further in the active impulse waves (3) and ③ and test the next resistance level 0.9950 (which reversed earlier waves A and (B)).