USD/CHF Declines but Still Holds Above Yesterday’s Lows

USD/CHF Declines but Still Holds Above Yesterday’s Lows

27 April 2016, 16:44
Roberto Jacobs
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USD/CHF Declines but Still Holds Above Yesterday’s Lows

USD/CHF is falling for the third day in a row as it retreats after last week rally when it climbed from 0.9570 toward 0.9800.

USD/CHF levels ahead of the FED

The pair today peaked during the Asian session at 0.9741 but then turned to the downside and dropped to 0.9710/15. The lows are being tested but greenback so far is holding above. Under 0.9710 the next support levels is seen around 0.9700, where yesterday’s lows are located. A break lower would expose an uptrend line originated at April lows that currently stand around 0.9680.

On the opposite direction, a short-term downtrend line from last week highs is seen at 0.9730/40; a break higher could give enough momentum to the US dollar to resume last week rally, exposing 0.9790/0.9800.

The Federal Reserve will announce its decision at 18:00 GMT. No change in rates is expected but the tone and the words of the statement are likely to impact on the forex market, particularly in the dollar and the yen.


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