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USD/CHF Price Analysis: Greenback retraces down below the 0.9700 figure

  • USD/CHF is under mild selling pressure in the New York session. 
  • Support is seen at the 0.9652 level.
 

USD/CHF daily chart

 
USD/CHF is attempting to rebound from multi-month lows while trading well below its main daily simple moving averages.
 

USD/CHF four-hour chart

 
The market is trading in a rising wedge channel while bears are rejecting the 0.9700 figure. Sellers might try to bring the market down to the 0.9652 support. If this level breaks under the selling pressure 0.9615 can become next on the bears’radar. However, if the greenback is able to hold its ground near current levels, bulls can try to break the 0.9742 resistance and target the 0.9790/0.9820 resistance zone, according to the Technical Confluences Indicator.
  

Additional key levels

 

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