Forex: USD/CHF retreats from 4-month high

FXstreet.com (Córdoba) - The Dollar weakened against the Franc and erased its intraday gains after hitting a 4-month high of 0.8925 during the Asian session. USD/CHF was unable to hold at highs and retreated, having dropped over 120 pips ever since and closed the upside gap left at the weekly opening.

The pair recently set a fresh day's low at 0.8803 where it found support and bounced to currently trade around 0.8830, recording a 0.49% loss on the day. Immediate supports could be faced at 0.8800, 0.8770 and 0.8710, while next resistance levels might be encountered at 0.8860, 0.8900 and 0.8925.

USD/CHF has gained over 1,000 pips since Sep 6 when the SNB decided to set a floor for EUR/CHF at 1.2000.

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