The USD/CHF pair recovers strongly from the round-level support of 0.8900 and jumps to near 0.8930 in Monday’s early New York session.
USD/CHF bounces back strongly to near 0.8930 amid uncertainty over SNB ’s policy decision. The SNB worries about price pressures reaccelerating due to the weak Swiss Franc. USD/CHF tests the breakdown region of the H&S pattern. The Swiss Franc asset strengthens as US Dollar clings to gains and the uncertainty over the Swiss National Bank’s policy outcome.
USD/CHF declines after facing selling pressure near the neckline of the Head and Shoulder chart pattern formed on a four-hour timeframe. A breakdown of the H&S chart formation results in a bearish reversal. The asset has established below the 200-period Exponential Moving Average near 0.9015, which indicates that the overall trend is bearish. The 14-period Relative Strength Index hovers near 40.00. A decisive break below the same would trigger a bearish momentum.
Fed SNB Dollarindex Supportresistance
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