The USD/CHF's rejection from 3-week high at 1.0452 ahead the American session has find support at 1.0395, pair has bounced at this level to trade above 1.0420. Currently the pair is trading around 1.0420/30, 0.70% above today's opening price action at 1.0356.
Yesterday USD/CHF jumped more than 170 pips in an hour in the late European session from 1.0280 to post 3-week high at 1.0450 on the back of SNB intervention. After that, pair traded lower on consolidation and fell to 1.0335.
Valeria Bednarik, FXstreet.com collaborator, comments: “Pair has reached again the strong 1.0450 resistance area, from where a downside corrective movement began; hourly indicators suggest more downside to come, yet 20 SMA regaining bullish strength should hold the downside around 1.0380. Bigger time frames support further rises, yet confirmations above 1.0450 are needed to see pair gaining strength.”
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