USDJPY: dips to test 100 hour Moving average before FOMC
Fibonacci Levels XAU/USD: Gold facing a further consolidation above 23…
USD/CHF: two-year lows
Information is not investment advice
Key indicators
Performance in 2020: -0.8%
Last day range: 0.9550 – 0.9584
52-week range: 0.9520 – 1.0236
What’s happening?
The USD dropped to its two-year lows against the Swiss franc. 0.9577, where it is now, was last visited by the USD/CHF in March 2018. That doesn’t change much in historical terms (this level is an average the currency has been around for the last 6 years) but marks an important tactical checkpoint. At least, it makes full sense in the context of the USD’s weak recent performance against other currencies and the US Fed’s interest rate cut.
Looking ahead, there is full potential for the CHF to stay strong against the USD as we already know that the fundamentals backing up the US economy are hardly helping the US dollar to keep value, at least for the current moment. It is very possible, therefore, that the movement of the USD/CHF will be moderately directed to the downside, more probably aiming at the technical levels mentioned below, in the short-term.
Technical levels
Resistance 0.9597
Support 0.9520
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