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I spy with my eyes a possibility Support area For USD/CHF!
In case you missed it, the pair recently fell after mid-level US economic data supporting a Federal Reserve rate hike as soon as this year.
Of course, it didn’t hurt the Swiss franc that Switzerland also dropped a better-than-expected GDP report and that the Swiss National Bank (Swiss National Bank) Thomas Jordan recently shared his concerns about the upside risks of inflation.
Remember that directional biases and volatility conditions in market prices are usually driven by fundamentals. If you haven’t done your financial homework on the US dollar and Swiss franc yet, it’s time to check out Economic calendar And stay informed Daily essential news!
USD/CHF Forex 4 Hours Chart by TradingView
The USD/CHF pair, which was trading at 0.9140, has fallen like a rock and is now closer to 0.9040 levels.
How far can USD/CHF go before the bulls intervene?
The pair may see some demand from its current levels as it lines up with S2 (.9041) Pivot point The line is in the 4 hour time frame.
Or USD/CHF could trade a little lower and then find buyers at the 0.9000 psychological level that has been supporting the pair since late March.
If USD/CHF turns higher from the potential support area, we can bet that at least some traders may consider the 0.9150 pivot point area and the previous 0.9160 area of interest as targets.
But if USD/CHF extends its downtrend and falls through the range support area, the pair may reach lower inflection points such as 0.8960 or 0.8890.
what do you think? Will USD/CHF range support hold for another day?
