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Forex: USD/CHF trading at the 0.9500 level

FXstreet.com (Barcelona) - The USD/CHF has rebounded off its session lows, which bottomed out at the 0.9487 level Monday in highly reduced trading. In these moments the cross has pared its losses to test the 0.9500 level at the time of writing.

According to the ICN.com analyst team, “USD /CHF downside move last week remained limited above 0.9375 with four-hour and daily closing, signaling that the upside move from 0.9000 remains valid and the upside wave might extend. Trading above 0.9375 makes us hold onto the positive outlook – a breach of 0.9570 and stability above it is required to extend the upside wave toward 0.9700.

Mataf.net analysts point to supports at 0.9492, ahead of the 0.9472 handle, and finally 0.9460. On the ascension, a break above the 0.9525 level will initiate resistance at 0.9536 and 0.9556.

With many markets on holiday today, investors will look ahead to the ISM Manufacturing PMI in the United States (March) at 14:00 GMT. Otherwise, the markets have been fairly devoid of catalysts Monday.

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