- US dollar reversal from 0.9730 has extended to trendline support at 0.9655.
- The pair is testing the bottom of the last two months’ triangle formation.
US dollar’s reversal from 0.9730 high on Wednesday has reached session lows at 0.9640 area, where the pair is eroding the lower limit of the triangle formation of the last two months.
The daily charts show the pair right at the support line, near the peak of the triangle. At the moment, the USD/CHF is hovering above key support levels 0.9655 (triangle bottom) and 0.9640 (May 20 low). If the pair confirms below these levels, bears might gain traction and push the pair towards May 1 low at 0.9590 and March 30 low at 0.9500.
If the pair remains within the triangle boundaries, next resistance levels would be at the 50 and 100-day SMA, at 0.9685/0.9700 and trendline resistance at 0.9730. Once above there, the pair might aim towards the 200-day SMA at 0.9785.
USD/CHF daily chart
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