Forex: USD/CHF bounces ahead 0.9700, back to 0.9730
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USD/CHF
FXstreet.com (San Francisco) - The Dollar has found support at 0.9705 against the Swiss Franc after falling around 80 pips from 0.9780. After bottoming at this level, the pair has begun to recover some ground to trade back at 0.9730.
Despite recent gains, the USDCHF is still negative on the day with 0.37% loses so far today. Currently USDCHF is at 0.9733.
"Negative short-term structure off 0.9970, see potential of further weakness, as daily indicators are breaking below the centrelines, with loss of short-term breakpoint at 0.9660 zone seen as a trigger," comments Slobodan Drvenica from Windsor Brokers Ltd. "Previous support at 0.9750, now acts as initial resistance, while only regain of 0.9800 provides relief."
Despite recent gains, the USDCHF is still negative on the day with 0.37% loses so far today. Currently USDCHF is at 0.9733.
"Negative short-term structure off 0.9970, see potential of further weakness, as daily indicators are breaking below the centrelines, with loss of short-term breakpoint at 0.9660 zone seen as a trigger," comments Slobodan Drvenica from Windsor Brokers Ltd. "Previous support at 0.9750, now acts as initial resistance, while only regain of 0.9800 provides relief."
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