USD/CHF erases losses, rises above 0.9550

By FXStreet FXStreet (Córdoba) – The USD/CHF pair traded most of the day in negative territory but during the US session bounced to the upside rising 80 pips from the lows. Currently is trading at daily highs at 0.9568, approaching to 0.9577 (Oct 19 high).

Earlier USD/CHF dropped to 0.9492, hitting the lowest level since last Thursday but it was rejected from levels under 0.9500 and rose back above as the US dollar gained momentum in the market and particularly against European currencies it accelerated the recovery.

USD/CHF levels to watch

To the upside, resistance might be located at 0.9577 (yesterday’s high), 0.9595 (downtrend line from Oct highs) and 0.9645. On the opposite direction, support could lie at 0.9535 (4 hour 20-SMA) and 0.9470 (Oct 15 low) and 0.9405.
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Source:: FX Street