USD/CHF rises for the second week in a row

By FXStreet FXStreet (Córdoba) – The US dollar rose for the second week in a row against the Swiss franc and it moved toward August highs. USD/CHF is about to end trading around 0.9720/40, 120 pips above the level it had a week ago.

Greenback was among the top performers during the last five days while stocks dropped sharply. In the US, main stocks indexes are down more than 3.5% for the week and in Europe lost around 2%. Risk aversion failed to boost the Swiss franc, that used to be the top performers in times of risk aversion.

USD/CHF levels to watch

During August the pair avoided a weekly close under 0.9450 where the 20-SMA is located; that area continues to be a key short term support. A close below could open the doors for a bearish run, targeting 0.9280.

To the upside, a downtrend line, originated at January highs stands at 0.9840: if the US dollar manages to break higher, it could gain support to extend the rally toward the parity level.
For more information, read our latest forex news. …read more

Source:: FX Street