USD/CHF falls further, hits 2-day lows

USD/CHF is in correction mode, extending a pullback from 6-year highs as the dollar is facing some profit-taking across the board.

USD/CHF failed once again to consolidate above the 1.0300 level and pulled back, slipping to a low of 1.0223 in recent dealings. Despite today’s correction, the pair continues to trade fairly close to its 6-year peak scored last week at 1.0343. At time of writing, the pair is trading at 1.0235, down 0.43% on the day. On the data front, existing home sales for November is due next.

USD/CHF levels to consider

In terms of technical levels, next supports could be found at 1.0220/14 (Dec 19 low/10-day SMA), 1.0200 (psychological level) and 1.0163 (21-day SMA). On the flip side, resistances are seen at 1.0295 (Dec 21 high), 1.0319 (Dec 20 high) and 1.0343 (6-year high, Dec 15) ahead of 1.0400 (psychological level).