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USD/CHF falls below 0.9500 level

FXstreet.com (Barcelona) - The USD/CHF was roiled yesterday in a huge sell off that generally can be pinned on a weakening USD.

However, Tuesday has been all about recovery, though a recent attempt back towards the upside was capped at the 0.9513 level (session high) during European trading. At the time of writing, the USD/CHF has now fallen back below the 0.9500 level to 0.9485/87, still trading positively at +0.11%.

Given the recent debilitating performance of the pair, Mataf.net analysts point to the next level of supportive correction for the USD/CHF at 0.9372, then 0.9281, and finally 0.9154. On the ascension, resistive structures will activate at 0.9590, onto 0.9717, and finally 0.9808.

According to the Technical Analyst Team at ICN.com, “The USD dropped sharply yesterday after being affected by the bearish harmonic Butterfly Pattern and touched key resistance level of the descending channel that was breached earlier. The drop might be a retest for the resistance that turned to support, therefore, we remain neutral for now to see how the pair would react between 0.9470 and 0.9370.”

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