USD/CHF Price Analysis: Hits fresh lows on the back of weak US Dollar, with bears lurking around 0.8950
- USD/CHF dropped on mixed news about the United States economy, which weakened the US Dollar.
- USD/CHF bears lurk as support levels threaten to crumble below 0.8950.
- Bulls remain hopeful as resistance levels are within striking distance, at around 0.9000.
The USD/CHF tumbled to 22-fresh monthly lows at 0.8943 after fundamental news from the United States (US) weakened the US Dollar (USD), even though chances for another rate hike by the Fed remained high. As the Asian session begins, the USD/CHF Is trading at 0.8956, printing minuscule gains of 0.03%.
USD/CHF Price Action
Following a break of a support trendline drawn from March 13 lows around 0.9070, the USD/CHF exacerbated its fall and broke to a new YTD low since the first day of April. Although the pair braced for the 0.9050 area, it posted two days of 60-plus pips back-to-back losses, dragging prices to levels last seen since June 2021.
If USD/CHF breaks below 0.8950, that would expose the 2023 YTD low at 0.8943. Once cleared, the USD/CHF could tumble toward the June 9 low at 0.8926, followed by the 0.8900 figure. On the other hand, if the USD/CHF reclaims the 0.9000 mark, upside risks lie at the April 12 high at 0.9035, followed by 0.9050, ahead of testing the 20-day EMA at 0.9106.
USD/CHF Daily Chart
