USD/CHF Falling for the Fifth Day in a Row
The Swiss franc extended gains versus the US dollar on Friday. Since the beginning of the week USD/CHF lost 150 pips and recently bottomed at 0.9606, the lowest level in a week.
The
pair today accelerate to the downside after breaking below 0.9650. The
decline found support above 0.9600 and it was trading at 0.9620/25, down
0.38% for the day, ahead of the release of the personal income and
spending report in the US. Greenback is falling across the board again,
extending weekly losses.
USD/CHF levels to watch
To
the downside, immediate resistance is seen around 0.9600/05 (daily low /
psychological) and below here at 0.9580/85 (last week lows) and 0.9545
(Apr 5 & 13 low). On the opposite direction, resistance might be
located at 0.9645 (European session high / 20-hour moving average),
0.9690 (Apr 14 & 15 high / short-term downtrend line from Apr 22
high) and 0.9735 (Apr 28 high / Apr 25 low).
