USD/CHF retreats to 0.9577 after being unable to break key resistance
|- Spot retreats after being unable to break key resistance.
- Trends still point to the upside but risk of a more deep correction rise.
The USD/CHF pair is falling on Monday, retreating after testing during several sessions the 0.9640 resistance area. The greenback failed to break higher and dropped back below 0.9600. It bottomed at 0.9577, the lowest since Thursday. During the last hours, it has been moving in a range, consolidating daily losses below 0.9600.
The US Dollar lost further ground during the American session as US yields turned lower. US Dollar Index Futures bottomed at 89.05, slightly above last week lows. The greenback failed to receive support from US data: retail sales rose in March 0.6% above the 0.4% and rebounded after falling during the previous three months.
The Swiss franc is posting modest losses against its European rivals. It reached fresh monthly lows versus the Pound and against the Euro holds close to last week lows.
Technical levels
The chart still points to the upside but USD/CHF needs to break above 0.9640/50 in order to open the doors to further gains. In the short-term, a decline below the uptrend from February (0.9560) might signal an extension of the correction.
In case of a rebound, resistance levels might be located at 0.9610, followed by 0.9635/40 (Apr 13 & 16 high). To the downside, supports could be seen at 0.9575 (Apr 16 low), 0.9555 (Apr 11 low) and 0.9530.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.