The NFP release last week pushed higher the US
dollar and this fuelled the USD/CHF pair upwards. The pair conquered the support
lying at 0.9848, matching with the 38.2% Fibo, drawn from May’s 2015 low to
November’s 2015 high. Now this level turned to be resistance and the CHF is
somehow pressured and is marking lower highs.
Meanwhile we are facing higher lows as well. May’s 2016 low is uptrending with
June’s 2015 low and crossed the 61.8% Fico retracement. So in the long-term USD
is fascinating and is showing strength above 0.9648.
In case of breaking below 50.00% Fibo retracement at 0.9700 most probably we must look around for
touching the support line at 0.9630. Going below this level might drag the pair
below 0.9500 area.
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