USD/CHF Price Analysis: Dollar hits resistance at 0.9645 previous support

The US dollar has bounced up from 2-month lows at 0.9540 to pare losses against the Swiss franc. The pair has regained lost ground amid broad-based d  |  05/06/2020 20:08
  • USD/CHF rebound from 0.9540 has been capped at 0.9650.
  • The dollar has failed to confirm above previous support turned resistance at 0.9645.
  • The pair remains biased lower, trading below the main SMAs on the daily chart.

 

The US dollar has bounced up from 2-month lows at 0.9540 to pare losses against the Swiss franc. The pair has regained lost ground amid broad-based dollar strength following an unexpected increase on US NFP data and returned above 0.9600 to be capped at previous support around 0.9645 area.

The daily chart shows the dollar still biased to the downside, moving below the main moving averages. Above 0.9645 (May 20, 26 lows), the USD/CHF might find a resistance hurdle at the 0.9680/90 area where the 50 and 100 SMAs meet trendline resistance from late March tops and then the 200 SMA, at 0.9775.

On the downside, immediate support lies at 0.9540 (Intra-day low) and below here, March, 30 low at 0.9500 and March 17 low at 0.9450.

 

USD/CHF daily chart

USD/CHF daily chart

USD/CHF key levels to watch

 

 

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