USD/CHF: daily update

USD/CHF has once again tested support line from February. The rebound from the previous low at 0.9175 hit on August 8 failed around the 200-day MA at 0.9350. Today the greenback slid as low as to 0.9180 before returning above 0.9200 at the moment of writing.

Support lies at 0.9175 (the most important), 0.9130, 0.9100 and 0.9055. Resistance is at 0.9250, 0.9280, 0.9350 and 0.9394/9400.

Market players are waiting for direction from the US FOMC minutes due tomorrow, Swiss trade balance on Thursday and Jackson Hole Symposium on Thursday and Friday.

The picture for the pair has somewhat worsened in the recent days. As noted by Commerzbank, only a daily close above 0.9390 will most likely mean that another up leg towards the 0.9753 July high is being made.

Chart. Daily USD/CHF

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