USD/CHF finds support at 0.9800, 6-week low

By FXStreet FXStreet (Córdoba) – A decline of the US dollar against European currencies pushed USD/CHF further to the downside. It bottomed at 0.9801 hitting the lowest level since October 26.

The area around 0.9800, where the 100-day MA stands, capped the decline and from there the US dollar rebounded, trimming losses. It was trading at 0.9845/50, down 0.30% for the day, but far from the lows.

The Swiss franc is rising for the second week in a row against the US dollar recovering from multi-year lows. The retreated of USD/CHF so far has been contained by the 20-week MA.

USD/CHF technical levels

To the downside, the key support is located at 0.9800 (20-WMA, 100-DMA), 0.9740 (Oct 22 high) and 0.9650 (Oct 2, 5 & 7 lows). On the opposite direction resistance might be seen at 0.9865 (Asian session low), 0.9900 (daily high) and 0.9944 (Dec 9 high).

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Source:: FX Street