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USD/CHF Price Analysis: Dollar retreats and trade in eight-day lows vs. Swiss franc

  • USD/CHF breaks below the 0.9770 level. 
  • The level to beat for bears is the 0.9730 support level. 

USD/CHF daily chart

After hitting fresh 2020 highs, USD/CHF erased gains and tumbled near eight-day lows. The spot is trading below the 100/200-day simple moving averages suggesting an overall bearish bias in the long term.

USD/CHF four-hour chart

As expected the market broke below the 0.9770 support level, however, there is little follow-through at the present moment. Bears are looking for an extension of the down move towards the 0.9730 and 0.9710 levels. The 0.9970 level is turning resistance. 
Resistance: 0.9770, 0.9800, 0.9830
Support: 0.9730, 0.9710, 0.9680

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