USD/CHF Moves Sideways In Choppy Markets

The USDCHF has corrected a little today but continues to remain pressured. This is despite the threats last week from Swiss National Bank’s Roth regarding the potential for SNB intervention to help pressure the Swiss Franc (send USDCHF higher).  His comments were made on Wednesday when the USDCHF was at the 1.1340 level.  The pair reached an intraday high of 1.1423 on Thursday, before starting the move lower toward todays move lows.  The low point has reached a low of 1.1020 today.  The price rebounded to 1.1106 (double top on the hourly chart above) but has since moved back lower.

Intraday resistance for the pair currently comes in at 1.1077 level, where the 100 bar moving average on the hourly chart is currently going sideways.    A break of this level will likely target a test of the 1.1006 level (double top today).   On the downside, the pair has support at the 1.1040 level then at the low at 1.1020.    I would expect that the ranges, will  most likely contain the moves today with buyers and sellers against the intraday support and resistance levels at 1.1040 on the downside, and on the topside against 1.1077.  A break above or below the these levels will target the days extremes at 1.1020 and 1.1106.

Subscribe by RSS Subscribe by Email