- USD/CHF increased bearish momentum after breaking below the triangle support line at 0.9650.
- The next target for the bears is now May 1 low at 0.9590.
The US dollar increased its bearish pressure on Thursday after breaking below the bottom line of the last two months’ triangle pattern at 0.9650 area. The pair has extended losses on Friday, reaching levels near the last 2, ½ month lows, at 0.9590 with the market on a risk-off tone, awaiting US President Trump’s conference on China.
A convincing move below the mentioned 0.9590 (May 1 low) might encourage sellers to push the pair towards 0.9545 (50% retracement of March’s rally) on its way to March 27 low at 0.9500.
On the flip side, the USD/CHF should move back above the broken trendline support, now at 0.9660, to ease bearish pressure and attack the 50 and 100-day SMA, at 0.9685/0.9700 before trendline resistance at 0.9730.
USD/CHF daily chart
USD/CHF key levels to watch