USD/CHF: technical outlook

Last week USD/CHF fell to the lowest level since November 2011 at 0.8777 as the risk aversion increased and the pair broke down its 70-pip consolidation range (0.8920/0.8850).

This week US dollar has completely retraced the fall rising to the 0.8870 area. Still the pair remains within the descending channel. There may be some scope for correction up, but only above 0.8885. Resistance lies at 0.8897, 0.8920/30, 0.8965 (50% Fibo of the decline in January-February). Support is at 0.8850, 0.8830 and 0.8800.

Chart. H4 USD/CHF

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