USD/CHF Hits Fresh 2-Week Lows

USD/CHF Hits Fresh 2-Week Lows

2 May 2016, 17:51
Roberto Jacobs

USD/CHF Hits Fresh 2-Week Lows

The Swiss franc is rising against the US dollar for the sixth day in a row and today it reached the highest level since April 12.

USD/CHF broke below 0.9565 and bottomed at 0.9539, after the release of lower-than-expected US economic data. From the lows it bounced to the upside and it was trading at 0.9555, down 0.45% for the day. The US dollar remained weak in the market and it was lower across the board.

Eyes on April lows

From last week highs the pair has now fallen more than 200 pips and the price is eying 0.9495-0.9500, where April lows area located. A break lower would put the price at the weakest since October 2015.

Below 0.9495, support levels might lie at 0.9475 (Oct 2015 low) and 0.9410. On the opposite direction, resistance level could be seen at 0.9560 (Apr 29 low), 0.9600/05 (daily hihg) and 0.9640 (20-day moving average).


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