USD/CHF drops to test 0.9700

The Swiss franc is rising against the US dollar, recovering after trading yesterday at the lowest level in two weeks. USD/CHF printed a fresh low during the American session at 0.9699 and currently trades at 0.9704/08, down 50 pips for the day so far. Greenback is falling the market on Wednesday.

USD/CHF again rejected from 50-day MA

The pair lost strength after approaching the key 0.9800 area, that was also a relevant resistance during April and late in March. A break higher could open the doors for more upside while below gains seems limited.

USD/CHF was rejected from above the 55-DMA like it happened also in the previous three months. Yesterday it traded above but today is pulling back under. At the moment, the moving average stands at 0.9735.

If the downside continues, potential support levels might be located at 0.9698 (May 10 & 11 low) and 0.9675 (20-day moving average).