Forex: USD/CHF falls further to test 1.0200

Wed, Nov 4 2009, 14:58 GMT
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FXstreet.com (Córdoba) – The Swiss Franc is posting considerable gains against the Dollar on Wednesday. USD/CHF failed to break above 1.0275 during the Asian session and weakened. Since then the pair has fallen more than 70 pips. After the release of the ADP employment report the pair weakened further.

Currently is testing a support at 1.0200/1.0190. To the downside the next support lies at 1.0170/75 and below at 1.0145/50 (Nov 27 low/ Nov 21 high).

Valeria Bednarik, collaborator at FXstreet.com affirms: “Breaking lower, hourly indicators remain bullish despite price is moving under 20 SMA that turned to the downside. Pair should hold above the 1.0200 strong level, to regain some strength and consider current movement corrective; if 1.0200 gives up, expect the pair to extend the downside ahead of FOMC decision.”

USD/CHF

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