USD/CHF Breaks Short-Term Range and Falls Toward 0.9620
USD/CHF
started the week moving within the range of the previous days, between
0.9650 and 0.9680. Initially, it rose to test the upper limit but then, a
decline of the US dollar across the board pushed the pair to the
downside.
It found support around 0.9650 during the European
session but then in American hours it broke to the downside, and dropped
to 0.9630, hitting the lowest level since last Wednesday.
Currently,
it trades at 0.9635/40, down 0.40% for the day. In Europe, the Swissy
is falling versus the pound but is up against the euro.
USD/CHF outlook
Today
the pair is correcting lower, after breaking to the downside the
short-term range. The next relevant support is seen around 0.9600 and
0.9620; a break lower could expose April lows located at 0.9498.
If
the pair manages to recover, rising back above 0.9640 (20-day moving
average), greenback could recover some momentum and could test again
0.9680; a break higher is likely to open the doors for further gains,
with the next significant resistance seen at 0.9785/90 (Mar 25 & 28
high).
