Feb 12, 2020
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
Additional key levels