USD/CHF Retreats Rejected from 0.9800
USD/CHF
reached levels on top of 0.9800 for the first time since mid-March but
it was rejected and pulled back, erasing all day’s gains. The pair
recently bottomed at 0.9751 and it was trading at 0.9757/60, down 0.18%
for the day.
The euro and particularly the Swiss franc rose across the board after
the beginning of the American session. The Swiss erased practically all
losses versus the euro and the pound. Greenback lost momentum and
retreat, hitting fresh lows. The rally of the USD that followed US
inflation data was short-lived.
USD/CHF at a key level
The area around 0.9800 could be seen as an important resistance that
capped the upside during April and also late in March. A consolidation
on top could trigger another bullish run. So far today, in the first
attempt to break higher, greenback failed and a bearish correction
started.
Price has been able to hold above 0.9750 where the 20-SMA in 4-hour
charts stand, but the mentioned area remains under pressure. Support
levels below could be located at 0.9725 (May 12 high), 0.9695 (May 11
low) and 0.9660 (last week low).
