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USD/CHF collapses to October lows below 0.9450

FXStreet (San Francisco) - As the US dollar is trading depressed following bad US economic data, the USD/CHF is falling apart from 0.9550 and now it is pricing at lows since September 24 below 0.9450. In addition, EUR/USD negative correlation is supporting the movement as the unique currency is jumped above 1.2750 key level.

Currently, USD/CHF is trading at 0.9458, down 0.83% on the day, having posted a daily high at 0.9564 and low at 0.9454. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.

USD/CHF sentiment

"Traders aren't looking past what happens in the next five minutes but there’s some good news is the pipeline," comments Adam Button from ForexLive. "The Beige Book later will be upbeat about the economy and remind everyone that the Fed hasn't committed to anything. But for the dollar, that could be more bad news."

If the pair consolidates losses below 0.9450, it will face next supports at 0.9430 and 0.9400. On the upside, resistances are at 0.9470, 0.9550 and 0.9590.

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