USD/CHF Retreats Further but Finds Support at 0.9700

USD/CHF Retreats Further but Finds Support at 0.9700

26 April 2016, 17:32
Roberto Jacobs
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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).


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