Forex: USD/CHF trades near resistance at 0.9720

FXstreet.com (Barcelona) - In the absence of any data releases or economic news radiating out of the United States or Switzerland Monday, the greenback has climbed against its Swiss counterpart during European trading. At the present, the USDCHF has appreciated +0.29%, which marks an advance above its SMA in the 20 hourly chart.

Despite this recent rise however, "The pair reached the second target of the bearish Butterfly Pattern at 0.9655 earlier today, confirming our forward negative bias. The technical conditions signal further downside movement targeting next 0.9570, which if breached will extend the move toward 0.9460 and maybe 0.9695." writes the technical analyst team at ICN.com.

In these moments, the pair has settled in the region of 0.9719, stubbornly trading near its calculated resistance, located at the 0.9720 level. According to the ICN.com analyst team, a break above 0.9720 will initiate the additional resistance levels of 0.9775 and 0.9870. Regarding any downward movement or retracement, the USDCHF will engage supports at 0.9670, 0.9620, and finally 0.9570.