USD/CHF: Upside Momentum Remains Lacking Despite Oversold Condition

USD/CHF moved sharply lower on Tuesday, attempted to gain ground yesterday, but is exhibiting a lack of momentum on the upside in today’s trading. The pair is currently at 0.9960, a loss of 0.22% from Wednesday’s North American close.

As a result of the recent weakness, resistance is now at the 1.0000 level. At present, this area is expected to remain intact.

Support below today’s low at 0.9941 is at the 61.8% retracement of the advance from the late March low, near the 0.9925 level.

In the US today, jobless claims are due at 08:30 ET, as is the Philadelphia Fed Index. Leading indicators will be released at 10:00 ET.

On Friday, US Existing Home Sales will be released at 10:00 ET.

There are no economic releases out of Switzerland throughout the rest of the week.

USD/CHF Daily Chart

USDCHF_042017

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Tracy L. Morganthall, CMT, has been a Technical Market Analyst for more than 20 years. She has experience analyzing and producing reports on equities, both domestic and international markets, as well as Forex and commodities. She attended Trenton State College in Trenton, New Jersey, earning a Bachelor's in Finance.