Forex: USD/CHF rests at trendline support

Forex: USD/CHF rests at trendline support

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Forex: USD/CHF rests at trendline support - DailyFX

FITITOL--> FXstreet.com (San Francisco) - The Swiss franc gained on its US counterpart Tuesday, with an advance of 0.3% to 0.9109 at the closing bell in NY after climbing as high as 0.9089 to a fresh 2-day high.

USD/CHF was seen pressured while market sentiments was well supported on the heels of yesterday’s broad-based global risk aversion.

“The USDCHF now rests at soft trendline support dating back to October 27th with daily RSI also risking a break below trendline support,” observes Michael Boutros, Currency Strategist at DailyFX. “Should this level be compromised, look for daily targets lower at trendline support dating back to the February lows and the February low itself at 8930.”

To the upside, the strategist notes key topside resistance at the confluence of trendline resistance and the 23.6% Fibonacci extension taken from the October 27th and February 24th troughs at 0.9175 and the April high at 9250.