USD/CHF capped by the daily 20-SMA

By FXStreet FXStreet (Córdoba) – The Swiss franc is rising against the US dollar on Tuesday, recovering after falling to the lowest level in a week. USD/CHF failed to break above the daily 20-SMA and dropped toward 0.9600.

On the European session bottomed at 0.9573 but then bounced to the upside, finding resistance at 0.9650. During the last hours it has remain steady trading slightly above 0.9600.

The Swiss franc and the euro are among the best performers on Tuesday amid risk aversion across financial markets. Comments from Thomas Jordan, president of the Swiss National Bank, saying that the central bank was ready to intervene in the currency market if necessary and that the Swissy is still overvalue, had no impact on traders.

USD/CHF technical levels

Since Friday the pair has been moving sideways around 0.9630, consolidating after rallying from 0.9300. The upside remains capped by the daily 20-SMA, that currently stands at 0.9670 while to the downside, support levels lie at 0.9600 and 0.9575. A break above 0.9670 could open the doors for further gains.
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Source:: FX Street