- USD/CHF drops 3%, RSI suggests potential recovery, past 0.8700, as a bullish-engulfing pattern could form.
- USD/CHF’s bearish extension hinges on breaking 0.8566 support.
USDH/CHF regains some composture after plummeting more than 3% in the week, breaking technical support levels due to overall US Dollar (USD) weakness across the Forex (FX) board. Slow inflation in the United States (US) triggered market players to pare bets the US Federal Reserve (Fed) will tighten monetary conditions past the Fed July meeting. Hence, the greenback weakened and, against the Swiss Franc (CHF), lost more than 250 pips. The USD/CHF is trading at 0.8622 after reaching a new eight-year low of 0.8566.
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