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Forex: USD/CHF breaks range and falls to test 0.8400

By FXstreet.com,  June 21, 2011, 02:03:00 PM EDT

FXstreet.com (Córdoba) - The Swiss Franc is rising for the second day in row against the Dollar that is falling across the board. The USD/CHF moved in ranges during most of the day between 0.8450 and 0.8415/20, but recently broke to the downside and fell to 0.8405, hitting a fresh daily low.

Yesterday the pair bottomed at the 0.8405 price level that is also offering support on Tuesday. If the pair falls below it would be trading at the lowest level in a week. At the moment it holds near session lows, below 0.8430.

Slobodan Drvenica, analyst at Windsor Brokers Ltd affirms that if the pair loses 0.8400, it would expose 0.8345/25 for retest (all time lows). "Only break above 0.8514 would improve near-term tone, but clearance of 0.8550 is required to confirm and open 0.8600 next."

The Swiss Franc is also higher against the Pound, but remains below record highs. GBP/CHF trades around 1.3650 after being unable to hold above 1.3700. EUR/CHF currently quotes 1.2105/10, the same price level it had at the beginning of the day.




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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