- Swiss franc among top performers of the American session.
- US dollar sideways, DXY holds above 92.00.
The USD/CHF dropped further during the American session and bottomed at 0.9216, the lowest level since March 17. It is falling for the seventh time out of the last eight trading days.
The Swiss franc is among the top performers on Monday. EUR/USD fell under 1.1000 to the lowest since early March. The US dollar is down across the board; however, over the last hours, it managed to gain some support amid a rebound in US yields ahead of a debt auction. The DXY is down for the day but held above 92.00.
USD/CHF at a critical support level
The USD/CHF is testing mid-March lows around 0.9210/20. A consolation below would likely open the doors to further losses. The next support stands at 0.9175. The momentum favors the downside, but it is around a strong barrier that could limit the decline.
If the pair holds above 0.9220, a rebound seems likely. Even a recovery to 0.9300/15 would be seen as corrective. Above the 20-day moving average (0.9320/25), the greenback could gain strength for an approximation to 0.9400.