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USD/CHF retreats back to 0.9700 region

FXstreet.com (Barcelona) - Outside of a short-lived spike yesterday, the USD/CHF has experienced an uneven path recently, which continued Wednesday during European trading at the 0.9700 level.

According to the ICN.com technical analyst team, “The USD/CHF is trying to move to the upside benefiting, from stability above its linear regression indicators. Meanwhile, we cannot bet on significantly extending the upside move due to the possibility of forming the bearish harmonic Butterfly Pattern around 0.9765.”

Presently, the pair has found itself settling in negative territory, down -0.05% off its opening. Consistent with the calculations of the Mataf.net analyst team, the USD/CHF will look to eventually test support levels at 0.9650, ahead of 0.9604, and finally 0.9554. Alternatively, a paring of recent losses will drive the pair towards resistances at 0.9746, then 0.9796, onto 0.9842.

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