USD/CHF approaches 2021 low levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Dollar has been declining against the Swiss Franc since early November. After an initial drop of the USD/CHF rate at the start of that month, the pair started to trade in a pattern. Namely, the pair's decline has been guided by a channel down pattern.

Most recently, the currency exchange rate has found support in the 0.8900 level and resistance is provided by the 50-day simple moving average near 0.9000. The rate appears to be set to trade flat until it reaches the upper trend line of the channel pattern.

A highly likely bounce off from the combination of 0.9000 mark, the upper trend line of the channel down pattern and the 50-day simple moving average would result in the pair descending. In the case of a decline the rate could look for short term support in round exchange rate levels at 0.8900, 0.8850 and 0.8800, before reaching the 2021 low level at 0.8760.

On the other hand, a breaking of the channel pattern's resistance could signal that the broader decline is over. In regards to a potential short term surge, watch the resistance of the 0.9100 level and the descending 200-day simple moving average.
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Tue, 04 Jul 2023 10:55:38 GMT

AUD/USD respects round levels

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