USDCHF moves toward support today and holds
The USDCHF fell again yesterday falling to the low area from last week and bounced higher (low reached 1.0699 – last week low reached 1.0694) . The 1.0715 level is other support on lows from the last few weeks of consolidative trading. The 1.0742 level is a third level to eye this morning. The move below the 100 and 200 hour MA has switched the bias to the downside but the market continues to be bound by support levels.
The USDCHF has been correcting off low levels since November as the dollar has gotten better bid. The price has support off the daily chart at the 1.0699 level which is the 38.2% retracement level of the move down from the 2009 high to low trading range. The low came in at 1.0701 today. A break of the this level should lead to further downward pressure. with a move toward 1.0646 the next target level (low from Feb 16th – see chart above).
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