14 Aug 2015
USD/CHF falls after rising for 5 weeks in a row
FXStreet (Córdoba) - USD/CHF is rising modestly on Friday but still remains far from the level it had a week ago (0.9840) and is about to post the first weekly loss after rising during the previous four.
On Tuesday the pair reached 0.9900 for the first time since March but then on Wednesday dropped sharply, having the worst day in months. Price bottomed at 0.9675 but quickly rose back above 0.9700.
USD/CHF stopped by a long term line
The positive signal for the US dollar is that it managed to hold above 0.9700 and that so far the correction seems normal and the short-term trend continues to favor the US dollar.
In order to rise further greenback would have to consolidate above the 0.9900 zone where stands an uptrend line connecting January and March highs.
On Tuesday the pair reached 0.9900 for the first time since March but then on Wednesday dropped sharply, having the worst day in months. Price bottomed at 0.9675 but quickly rose back above 0.9700.
USD/CHF stopped by a long term line
The positive signal for the US dollar is that it managed to hold above 0.9700 and that so far the correction seems normal and the short-term trend continues to favor the US dollar.
In order to rise further greenback would have to consolidate above the 0.9900 zone where stands an uptrend line connecting January and March highs.