Swiss franc shows strong gains 

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By Julian Yosovitch

November 24, 2014 • Reprints

The Swiss franc (USD/CHF) showed strong gains at the end of the week finishing at 0.968 francs on Friday.

The medium term analysis remains bullish and we still think we will see further bullish movements going forward to get the USD/CHF back to previous highs at 1.00 franc.

Then, moves above 1.00 franc will enabled a bullish continuation toward more ambitious zones around 1.04, close to the 61.8% of the floor that began in 2008--important values a major resistance point for the currency.

The USD/CHF has riserisen in five waves and such technical data is treated as a positive signal for the medium term analysis, although at the same time there are fears that there could be some short term bearish movements cutting part of the whole bullish rally that began mid-year.

In this sense we see that in cases where weaknesses are present, the currency finds support around 0.93 near the 61.8% of the last climb and from where the uptrend should be resumed. Let's take a look.