FXStreet (Córdoba) – European currencies are outperforming on Wednesday while the US dollar is falling across the board. USD/CHF extended the decline below 0.9900 and bottomed at 0.9856, hitting the lowest level since November 3.
The pair broke the last week lows (0.9874) and slided further. From the lows it rebounded and is trading at 0.9880/85, down 0.40% for the day. It is about to end lower for the sixth time out of the last eighth trading days as it continues to correct lower from multi-year highs.
While traders await the Federal Reserve meeting of next week, tomorrow the Swiss National Bank will have its meeting. No chance is expected in Switzerland.
USD/CHF technical levels
The pair continues to move with a bearish tone in the short term, as price holds below the 20-hour MA that stands at 0.9915 (also yesterday’s low). Under daily lows, support could be seen at 0.9830/35 (November lows) and 0.9800 (physiological level).
On the opposite direction, immediate resistance might be seen at 0.9915, 0.9945 (daily high) and 0.9985 (Nov 11 & 13 low).
(Market News Provided by FXstreet)