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USD/CHF finds support at 0.9640/45 and rebounds

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF turned positive for the day after rising during the American session when it printed a fresh daily high at 0.9732.

    The pair dropped yesterday and today extended the decline during the Asian session and fell to 0.9647, level located slightly above last week lows. It rebounded but the area around 0.9690 offered resistance and it fell to test daily lows. Again the 0.9645/50 zone capped the decline.

    After breaking above 0.9690, accelerated and rose quickly to 0.9732; then retreated to 0.9700, where it was trading, 35 pips above the level it closed yesterday.

    USD/CHF technical outlook

    The short-term bias remains bearish as price hold below a downtrend line, coming from September highs, that currently stands around 0.9740/60. A break higher could change the bias.

    The downside has a key support at 0.9640/50 (Oct 2, 7 lows); if the price consolidates below it could extend the decline toward 0.9600.
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