USD/CHF extends slide below 0.9700 to fresh four-month lows

US dollar drops further across the board on Monday, DXY to test December lows.
USD/CHF eyes 2019 lows, negative momentum intensifying.

Matías Salord FXStreet

The USD/CHF printed a fresh multi-month low under 0.9700 during the American session as the US dollar remains under pressure across the board. The pair bottomed at 0.9681, a level last seen back on August 13.

As of writing, USD/CHF trades at 0.9690, down 55 pips for the day and more than 120 pips below Friday’s high. The Swiss franc is among the top performers on Monday, adding more pressure to the USD/CHF.

Technical, USD and holiday season

Last Friday, USD/CHF broke under the 0.9760/80, a critical support range opening the doors to more losses. Technical factors also contribute to the slide of the pair. On Monday, it is testing levels under 0.9700 and the next strong support level might lie at 0.9675, followed by the intraday 2019 low at 0.9658.

In December so far, USD/CHF lost more than 300 pips. The key factor behind this has been the decline of the US dollar. Year-end flows and an improvement in risk sentiment weighed on the greenback. Today the US Dollar Index is falling 0.19%, currently trading at 96.73, about to post the lowest daily close since July.

Technical levels

USD/CHF

Overview
Today last price	0.9692
Today Daily Change	-0.0053
Today Daily Change %	-0.54
Today daily open	0.9745

Trends
Daily SMA20	0.9834
Daily SMA50	0.9889
Daily SMA100	0.9887
Daily SMA200	0.993

Levels
Previous Daily High	0.9818
Previous Daily Low	0.9729
Previous Weekly High	0.9832
Previous Weekly Low	0.9729
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.9763
Daily Fibonacci 61.8%	0.9784
Daily Pivot Point S1	0.971
Daily Pivot Point S2	0.9675
Daily Pivot Point S3	0.962
Daily Pivot Point R1	0.9799
Daily Pivot Point R2	0.9853
Daily Pivot Point R3	0.9888

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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