- USD/CHF finds support at 0.9430 but remains heavy at the mid-range of 0.9400.
- Below 0.9420 the pair would activate an H&S pattern aiming towards 0.9375 and 0.9325.
US dollar’s reversal from Tuesday’s high at 0.9530 has found support at 0.9420 on Thursday although the pair remains heavy on the short-term, capped below 0.9460 area. The 4-hour charts show the USD/CHF moving near the neckline of a head and shoulders pattern that would be activated below June 23 lows, at 0.9420.
Below the mentioned 0.9420/30 (Jun. 23 low, intra-day low) next potential support would be 0.9375 (Jun. 11 low) and then 0.9325 (March 11 low).
On the upside, immediate resistance lies at 0.9495 (Jul. 1 low). Above here, the next potential resistance could be at 0.9530 (Jun. 30 low) and 0.9585 (Jun. 9 high).
USD/CHF 4-hour chart