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21 Feb 2020
USD/CHF Price Analysis: Dollar trading in five-day lows vs. Swiss franc, sub-0.9800 figure
- USD/CHF erases weekly gains and is on track to end the week below the 0.9800 figure.
- Sellers are pressuring the 0.9770 support level.
USD/CHF daily chart
After hitting new 2020 highs every day of the week, USD/CHF is erasing the gains and trading near five-day lows. The spot is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum in the long term.
USD/CHF four-hour chart
Dollar/Swiss broke below the 0.9830 support and the 50 SMA as broad-based USD weakness erased the weekly gains. After the sharp move down, bears are likely looking for an extension targetting the 0.9730 and 0.9710 price levels. The 0.9800 figure and 0.9830 resistance are likely to act as resistance on any pullback up.
Resistance: 0.9800, 0.9830, 0.9850
Support: 0.9770, 0.9730, 0.9710
Additional key levels