USD/CHF Retreats Further but Finds Support at 0.9700
The Swiss franc is rising for the second day a row against the US dollar as it continues to recover, Last week USD/CHF rose and climbed to 0.9797, hitting the strongest level in a month.
Today
the pair moved most of the day in a range, between 0.9730 and 0.9760
but after the beginning of the American session broke to the downside
and dropped to 0.9700, the lowest since last Thursday. Greenback
weakened against European currencies following the durable goods orders
report.
The area around 0.9700 capped the decline and the pair
bounced to the modestly to the upside. Currently, it trades at
0.9720/25, down 25 pips from yesterday’s closing price.
USD/CHF levels to watch
To
the downside, immediate support is seen at 0.9700 (daily low /
psychological) followed by 0.9665, where a dynamic support (uptrend line
from April lows) currently stand. On the opposite direction, resistance
might be located at 0.9765 (daily high), 0.9795/9800 (last week high /
psychological) and 0.9850 (Feb 24 low).
