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USD/CHF keeps falling despite Yellen

FXStreet (Córdoba) - USD/CHF dropped further after the release of Janet Yellen’s speech and reached a 1-week low at 1.0212. The pair is falling for the third day in a row as it continues to correct lower from multi-year highs at 1.0327. Currently it trades at 1.0220/25, down 0.45% for the day so far.

CHF outperforming

Not even a stronger US dollar across the board boosted the USD/CHF. Yellen continue to signal that a rate hike in December was probably by warning about the risk of waiting too long before tightening. The Swiss franc is so far the best performer in the currency market ahead of tomorrow’s European Central Bank meeting.

USD/CHF outlook

The pair continues to move with a bullish dominant trend but in the short-term is correcting to the downside after a 800-pip rally. To the downside, the immediate relevant support is located around 1.0200 followed by 1.0140 (20-day MA).

To the upside, the pair could face resistance at 1.0245/50 (Dec 1 low), 1.0265 (20-hour MA) and then attention would turn to the 1.0300 handle. Greenback traded above 1.0300 several times during the week but if failed to post a significant close on top; if it happens, the US dollar would open the doors for more gains.

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