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  • USD/CHF tanks as the Swiss Franc is one of the outperformers of the day.
  • The psychological 0.9500 level has just been used as a support level.

USD/CHF 4-hour chart

The Swiss Franc is one of the key outperformers on the session with USD/CHF falling 0.77% and AUD/CHF dropping 1.54%. The chart below shows the extent of the bearishness as the market continues to make lower high and lower lows. This move is very interesting as risk assets like equities are trading near or at all-time highs in the US.

The next target on the downside could be the 0.9450 level which has been used a few times in the past as support and resistance. At the current psychological level the price has bounced in the past and this is marked by the circle on the left and side of the chart. 

The technical indicators are also oversold as the Relative Strength Index trades below the 30 area in the oversold zone. The MACD histogram is also in the red and the signal lines are extending their move lower.

USDCHF drops

Additional levels

 

Expert score

5

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