1 Dec 2014
USD/CHF retreats to 0.9635
FXStreet (Córdoba) - USD/CHF erased gains and turned to the downside, reaching a fresh low at 0.9635. Earlier the pair rose to 0.9687, reaching the highest price since last Tuesday but lost strength and retreated, falling 50 pips from the highs.
The Swiss franc started the week falling against the US dollar and the euro following the Swiss gold referendum. The initiative to force the Swiss National Bank to increase its gold holdings failed to pass.
USD/CHF technical outlook
Despite pulling back the pair continues to moved with an upside bias in the short term supported by an hourly bullish trendline that currently stands at 0.9635, where daily lows lie. The area around 0.9635 has become and important support. Below here, Greenback could weaken further, exposing 0.9595 (Nov 26 low).
The Swiss franc started the week falling against the US dollar and the euro following the Swiss gold referendum. The initiative to force the Swiss National Bank to increase its gold holdings failed to pass.
USD/CHF technical outlook
Despite pulling back the pair continues to moved with an upside bias in the short term supported by an hourly bullish trendline that currently stands at 0.9635, where daily lows lie. The area around 0.9635 has become and important support. Below here, Greenback could weaken further, exposing 0.9595 (Nov 26 low).