USD/CHF breaks short-term range and falls toward 0.9620

USD/CHF started the week moving within the range of the previous days, between 0.9650 and 0.9680. Initially, it rose to test the upper limit but then, a decline of the US dollar across the board pushed the pair to the downside.

It found support around 0.9650 during the European session but then in American hours it broke to the downside, and dropped to 0.9630, hitting the lowest level since last Wednesday.

Currently, it trades at 0.9635/40, down 0.40% for the day. In Europe, the Swissy is falling versus the pound but is up against the euro.

USD/CHF outlook

Today the pair is correcting lower, after breaking to the downside the short-term range. The next relevant support is seen around 0.9600 and 0.9620; a break lower could expose April lows located at 0.9498.

If the pair manages to recover, rising back above 0.9640 (20-day moving average), greenback could recover some momentum and could test again 0.9680; a break higher is likely to open the doors for further gains, with the next significant resistance seen at 0.9785/90 (Mar 25 & 28 high).