• Swiss franc remains among the top performers in the currency market.
  • ECB open doors to positive interest rates by end of Q3.
  • USD/CHF keeps looking for support, bearish outlook.

After a short-lived recovery on Friday, the USD/CHF resumed the downside on Monday. Recently it printed a fresh monthly low at 0.9626. It is hovering around 0.9650, about to post the sixth daily loss out of the last eight days.

A broad-based correction of the US dollar triggered the slide of USD/CHF last week. The negative momentum intensify further with recent comments from Swiss National Bank officials warning about inflation.

On Monday, Andrea Meachler, a board member of the SNB said the central bank won't hesitate to raise interest rates if inflation remains outside of the target. Also on Monday, Christine Lagarde, president of the European Central Bank and other governing council members, suggested a possibility of positive interest rates by the end of the third quarter.

The dollar weakened further amid an improvement in market sentiment at the beginning of the week. The DXY is falling 0.87%, trading at 102.10, the lowest level since April 26.

The USD/CHF continues to look for support. Below 0.9625, the next barrier might be seen at 0.9595 and then 0.9525. Now the immediate resistance is located at 0.9695, followed by 0.9735.

More levels

USD/CHF

Overview
Today last price 0.9646
Today Daily Change -0.0101
Today Daily Change % -1.04
Today daily open 0.9747
 
Trends
Daily SMA20 0.983
Daily SMA50 0.9548
Daily SMA100 0.9381
Daily SMA200 0.9297
 
Levels
Previous Daily High 0.9764
Previous Daily Low 0.9694
Previous Weekly High 1.0064
Previous Weekly Low 0.9694
Previous Monthly High 0.9759
Previous Monthly Low 0.9221
Daily Fibonacci 38.2% 0.9737
Daily Fibonacci 61.8% 0.9721
Daily Pivot Point S1 0.9706
Daily Pivot Point S2 0.9665
Daily Pivot Point S3 0.9636
Daily Pivot Point R1 0.9776
Daily Pivot Point R2 0.9805
Daily Pivot Point R3 0.9847

 

 

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