USD/CHF remains in ranges, unaffected by USD strength

Matías Salord FXStreet

USD/CHF is flat so far on Tuesday despite US dollar strength across the board. Risk aversion amid fears about the outcome of the Brexit referendum on June 23 boosted the demand for the Swiss franc that among European currencies is the best performer. EUR/CHF reached 5-month lows below 1.0800 while GBP/CHF hit 2-mont lows under 1.3600.

USD/CHF sideways near monthly lows

The pair finished far form the lows last week but still lost more than a hundred pips and bottomed on Wednesday at 0.9577, the lowest since May 5, before bouncing to the upside. Since then it has been moving sideways around 0.9640/50, unable to move significantly off lows.

Levels to watch

Currently the pair is moving in range, without a clear trend, consolidating after last week decline and ahead of the FOMC meeting that started today and will end tomorrow with the statement and the decision (also Janet Yellen will speak)

The area around 0.9670 is capping the upside, if it manages to consolidate on top it could open the doors for more gains; the next resistance might be seen at 0.9715 (June 7 high) and above at 0.9750 (June 3 low). On the opposite direction, the key short-term support is located between 0.9615 and 0.9625; and below here at 0.9575 (last week low) and 0.9550/55 (Apr 1 low / May 3 high).

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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