FXStreet (Córdoba) – The US dollar is about to end the week higher versus the Swiss franc after falling during the previous two. The decline of USD/CHF from multi-year highs was capped by the 20-week MA that stands at 0.9820.
From there the pair rebounded and is likely to finish the week above 0.9900. On Friday it moved in a modest range all day between 0.9975 and 0.9930.
USD/CHF to resume the upside?
After a bearish correction of more than 500 pips, the pair found support and turned to the upside. So far the recovery has been limited and started after a bounce that followed the historic decision of the Federal Reserve on Wednesday to raise rates for the first time since 2006.
USD/cHF is trading practically at the same level it had a year ago. It plummeted in January after the Swiss National Bank removed the EUR/CHF cap and then rebounded sharply. During November hit the strongest level since 2010 before the recent correction.
(Market News Provided by FXstreet)