Forex: USD/CHF breaks 0.9320 support

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FXstreet.com (San Francisco) - A day after the U.S. Federal Reserve announced a new, open-ended dose of quantitative easing to stimulate the U.S. economy, the Swiss frank traded stronger at a fresh four-month high against the dollar Friday.

USD/CHF managed to break sharply below a trendline support zone around 0.9320 (Feb 24/April 2 troughs) in earlier trade, and slid to as low as 0.9237 before slight bounce back to current levels, last at 0.9270. At these levels, price is set to end with a 1.7% weekly loss.

On the Daily chart, RSI is hovering in oversold territory, last valued at 22, while, on the weekly timeframe, is valued at 42, leaving scope for further downside moves.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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