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USD/CHF retreats from 15-month highs to 0.9650

FXStreet (Córdoba) -"> USD/CHF reached a fresh 15-month high at the beginning of the week at 0.9685 but quickly pullback toward Friday’s closing price and on European hours moved to the downside, despite weak data from Germany and the Eurozone.

Recently hit a fresh daily low below at 0.9647 and it was trading near the lows, down 0.23% so far, retreating after rallying more than 100 pips last Friday.

USD/CHF technical outlook

The main trend continues to favor the US dollar but on Monday the pair is moving with a downside bias, making a bearish correction. According to Ipek Ozkardeskaya, FX Analyst at Swissquote Bank, from a long term perspective, the technical structure favours a full retracement of the large corrective phase that started July 2012. “The break of the strong resistance at 0.9456 (06/09/2013 high) confirms this scenario. A key resistance now lies at 0.9751 (09/07/2013 high). A support can be found at 0.9301 (16/09/2014 low)”.

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