USD/CHF rises on Friday, but ends week lower

USD/CHF recovered ground on Friday and ended a 4-day slide. On a weekly basis, the pair dropped sharply after a general decline of the US dollar in the market and a strong Swiss franc that among majors was the top performer.

On Thursday it bottomed at 0.9535, the lowest level in eight weeks and then rebounded. The recovery continued on Friday. It managed to rise to 0.9610 and it is about to end around 0.9600, 150 pips below the level it had seven days ago. It is the lowest weekly close since April.

A wide range

Since April USD/CHF is moving within a trading range that continues to limit price action between 0.9950 and 0.9500. Price traded only momentarily out of the range. A consolidation above 0.9950 could open the doors for a medium-term rally while a confirmation under 0.9500 would expose 2016 lows (0.9443) and then the 0.90 area.