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Forex: USD/CHF falls below 0.9400 level and bounces

FXstreet.com (Barcelona) - The USD/CHF has been in a state of flux since this morning, when the Cypriot dilemma reached a new crescendo. With investors optimistic of a bailout later today, the USD/CHF has since rebounded off an intraday low of 0.9398 to trade back at 0.9422/24 in these moments.

According to Mark De La Paz, an analyst at FX Instructor, “The USD/CHF has a bias for the sell-side – hourly charts also have a bearish engulfing pattern, confirming the market direction though proximity to a moderate support at 0.9444, which suggests we should wait for a close below it before jumping short.”

After incurring a loss of -0.49% below its opening, De La Paz points to supports at 0.9419 ahead of the 0.9400 barrier. Conversely, on the ascension, resistances will trigger at 0.9444, onto the 0.9488 handle and 0.9507.

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