Forex: USD/CHF lower on the day due to CHF corrective strength

FXstreet.com (Barcelona) - The USD/CHF has been trading limited to the 0.9315/20 range after easing from 0.9334 session high. The pair trades lower on the day, by -0.27%, mostly due to CHF corrective strength after last week's plunging that allowed a EUR/CHF rally to 1.2569 high on Friday.

The US celebrates Martin Luther King Day and is on bank holiday, which means lower volumes than usual for today. Market participants will be eyeing headlines coming from the Eurozone/Eurogroup meeting taking place today, to be over tomorrow.

“I should note that if the price grows up higher than 0.9385, it may continue moving upwards and reach the target at 0.9560. But if it falls down lower than 0.9285, the pair may fall down towards the level of 0.8980”, wrote Roboforex.com analyst Igor Sayadov.

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