USD/CHF Bounces Back Above 0.9700

USD/CHF Bounces Back Above 0.9700

21 April 2016, 18:51
Roberto Jacobs

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).


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