12 Aug 2015
USD/CHF falls to 1-week lows
FXStreet (Córdoba) - The Swiss Franc rose sharply across the board on Wednesday and hit the strongest level in a week against the US dollar ending 7 days of constant declines.
USD/CHF sharp reversal from multi-month highs
Yesterday the pair reached 0.9900 for the first time since March and lost strength. Today started to decline during the Asian session and then accelerated to the downside. It bottomed on American hours at 0.9675, the lowest level since August 4.
Afterwards it bounced modestly to the upside and it was trading above 0.9700, 170 pips below today’s opening price, having the worst performance in three months.
Supported by 20-SMA
So far, the Swiss franc was unable to consolidate below 0.9700. For the first time since August price hit the daily 20-SMA. The last time USD/CHF ended a day below the 20-SMA was back in June. A daily close significantly below 0.9700 (and the mentioned moving average) could signal a bearish continuation.
USD/CHF sharp reversal from multi-month highs
Yesterday the pair reached 0.9900 for the first time since March and lost strength. Today started to decline during the Asian session and then accelerated to the downside. It bottomed on American hours at 0.9675, the lowest level since August 4.
Afterwards it bounced modestly to the upside and it was trading above 0.9700, 170 pips below today’s opening price, having the worst performance in three months.
Supported by 20-SMA
So far, the Swiss franc was unable to consolidate below 0.9700. For the first time since August price hit the daily 20-SMA. The last time USD/CHF ended a day below the 20-SMA was back in June. A daily close significantly below 0.9700 (and the mentioned moving average) could signal a bearish continuation.