USD/CHF hovering above key 0.9289 support waiting for USD to spring to life

FXstreet.com (Barcelona) - The USD/CHF still appears to be in a fourth wave correction lower which should lead to another rally for USD/CHF. Bulls hope data due out Thursday in the US may re-vitalize the greenback and push USD/CHF higher.

Only US data / news – no Swiss data – to push the action Thursday

Thursday will bring USD/CHF traders weekly jobless claims and import/export prices out of the U.S. – which, along with ongoing Syria chatter, will determine the relative strength of the US Dollar against the franc.

Technical take on USD/CHF

Technicians say that important support for USD/CHF comes in at the 8/22 high of 0.9289. Resistance comes in at Friday’s high of 0.9455. The real upside target based on Elliott Wave Theory may be as high as 0.9500.