USD/CHF falls below 0.9570 to 1-month lows

The Swiss franc gained momentum against the US dollar during the last hour amid rising stocks in Wall Street. USD/CHF broke below the strong support area located above 0.9570 and fell to 0.9550, hitting the lowest level since May 4.

The pair then bounced modestly to the upside and it was trading at 0.9565, down 50 pips for the day. If USD/CHF manages to end today at currently levels or below, it would be breaking a trading range that has been in place since June 6, opening the door for more potential losses.

Today the pair extended the monthly decline and it has now erased completely May’s gains and it could start to look at 2016 lows.

USD/CHF levels

To the upside, now 0.9575 (June 16, 20 & 21 low) is a resistance area, followed by 0.9625/30 (June 22 high) and 0.9680 (June 13 high). On the opposite direction, support could be seen at 0.9550 (daily low), 0.9495/9500 (April low) and 0.9440/45 (May low).