The Swiss franc gained momentum across the board as stocks in Europe and in the US tumbled. USD/CHF broke below 0.9900 and plummeted to 0.9845, the lowest level in seven weeks.
While the Swissy strengthened the US dollar lost momentum in the market. Greenback printed also fresh lows versus the euro and the yen.
USD/CHF was trading at 0.9870 after rebounding from the lows, still 50 pips below Friday’s closing price, headed toward the lowest daily close since December.
USD/CHF technical levels
Last week the pair broke important short-term technical levels and continued to slide today, falling for the sixth day in a row. Below daily lows potential support levels might lie at 0.9820 (Sep 07 & 08 high), 0.9800 (psychological) and 0.9785 (December low).
On the opposite direction, resistance might be seen at 0.9900/05 (previous daily low), 0.99756 (daily high) and 1.0025/30 (Dec 31 & Jan 11 high).
(Market News Provided by FXstreet)