USD/CHF Price Analysis: Approaching an important support level at 0.9590/95
|- USD/CHF increased bearish momentum after breaking below the triangle support line at 0.9650.
- The next target for the bears is now May 1 low at 0.9590.
The bearish pressure on the US dollar increased on Thursday after USD/CHF broke below the bottom line of the last two months’ triangle pattern at 0.9650 area. The pair has extended losses on Friday, reaching levels near the last 2 ½-month lows, at 0.9590 with the market on a risk-off tone, awaiting US President Trump’s conference on China.
A convincing move below the mentioned 0.9590 (May 1 low) might encourage sellers to push the pair towards 0.9545 (50% retracement of March’s rally) on its way to March 27 low at 0.9500.
On the flip side, the USD/CHF should move back above the broken trendline support, now at 0.9660, to ease bearish pressure and attack the 50- and 100-day SMAs, at 0.9685/0.9700 before trendline resistance at 0.9730.
USD/CHF daily chart
USD/CHF key levels to watch
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