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USD/CHF Price Analysis: Greenback vulnerable below 0.9770 vs. Swiss franc

  • USD/CHF broke below a rising wedge formation weakening the spot in the medium term.
  • The level to beat for sellers is the 0.9730 support.  

USD/CHF daily chart

USD/CHF is retracing down from the 2020 highs while the quote is trading below the 100/200-day simple moving averages suggesting an overall bearish bias.

USD/CHF four-hour chart

USD/CHF broke below a rising wedge formation suggesting that the spot might be running out of steam. The sellers broke below the 0.9770 support on a daily basis weakening USD/CHF and putting it at risk to further losses towards the 0.9730 and 0.9710 price levels. Resistance is now seen near 0.9770 and the 0.9800 figure. 
Resistance: 0.9770, 0.9800, 0.9830
Support: 0.9730, 0.9710, 0.9675

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