USD/CHF Bounces Back Above 0.9700
USD/CHF
dropped sharply during Draghi’s press conference but only to erase
losses a few minutes after if finished. The pair dropped from 0.9710
bottomed at 0.9646. Then it jumped almost a hundred pips, reaching at
0.9746, the highest level since March 29.
Current the pair is
hovering around 0.9720, around the same level it closed yesterday. The
Swiss franc, the pound and the euro repeated the same movement versus
the US dollar; rising but retreating to the same levels from where the
rally started.
USD/CHF is consolidating weekly gain as the US
dollar continues to recover after falling two weeks ago to 0.9498, the
lowest since October 2015.
USD/CHF technical levels
To
the upside, the next resistance is located at 0.9745 (daily high)
0.9785 (Mar 25 & 28 high) and 0.9845 (Mar 15 low). To the downside,
immediate support might be located at 0.9710 (20-hour moving average),
0.9645 (daily low) and 0.9600 (Apr 20 low).
