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- USD/CHF trades near 4-week low
USD/CHF trades near 4-week low
Yesterday the USD/CHF traded in different directions in the range of Chf0.9600-Chf0.9640 and closed the day without significant changes. Today it also traded in a narrow range of Chf0.9605-20, staying close to the 4-week low. On the hourly chart, USD/CHF is still trading below the moving average MA (200) H1 (Chf0.9800). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CHF remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
Resistances levels are at: Chf0.9680, Chf0.9765-80, Chf0.9865
Support levels are at: Chf0.9565-75, Chf0.9530, Chf0.9455
Probably, the main scenario is a likely decline towards Chf0.9575 (May 24 low).
Alternative scenario is final consolidation above MA 200 H1, followed by growth to Chf1.0065 (May 16 high).
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