- USD/CHF retreats from 0.9300 to test trendline support at 0.9265.
- Below 0.9265, the pair might head towards 0.9215 and 0.9150.
- On the upside, the pair faces an important resistance at 0.9300/10.
The US dollar has been rejected again at 0.9300 resistance area, before losing momentum and drop 0.4% on the day so far, to test trendline support from early August lows, now around 0.9265.
The dollar is losing ground against its main peers on Wednesday, weighed by the flattening US yield curve, with the 10-year note dropping to 1.57%, from five-month highs at 1.61 on Tuesday.
USD/CHF daily chart
The daily chart, shows the pair below the 20-day SMA, testing the mentioned trendline at 0.9365. A confirmation below here will cancel the near-term uptrend and might empower bears to push the pair towards 0.9215 (September 22, 23 lows, and 50-day SMA) before testing 0.9150 (September 10 low)
On the upside, immediate resistance remains at 0.9300/10 (October 6, 8, and 12 highs). Above here, the pair might attempt another attack to multi-month high 0.9380 (Sept. 30 high, 78,6% Fib. Retracement of the March-June decline) and 0.9435 (Apr. 5 high).
Technical levels to watch
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