FXStreet (Córdoba) – The decline of the US dollar across the board pushed USD/CHF below 1.0100, to the lowest level since January 22.
The pair is falling for the third day in a row as it continues to retreat from 2-month highs that reached last week at 1.0255. Since then it has fallen almost 200 pips. Recently it bottomed at 1.0091 and it was trading at 1.0105/10.
Greenback is under pressure in the market, despite the decline in stocks. Market expectations about a rate hike from the Fed in March continue to fade, reducing the attractive of the US dollar.
USD/CHF approaching important support
The decline brought the price toward the 20-day moving average that stands at 1.0085; the mentioned MA offered support during January. A daily close under that level could signal a continuation of the decline.
If USD/CHF continues to slide the next relevant support could be the lower limit of the current bullish channel that has been in place since mid-December. The lower limit stands around 1.0010/20 and a consolidation below would open the doors for more declines.
(Market News Provided by FXstreet)