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FXstreet.com (San Francisco) - Since finding a roof at the 0.9430 level in earlier trade (which is confluent with the 200-period EMA on the 4-hr chart), USD/CHF has been in selloff mode and has just fallen to a new intraday low of 0.9372 after the Fed's Beige Book. The 50-hr EMA continues to support price, as does the ascending trend line drawn from the trough of Feb 24 to that of April 2.

However, "Overall positive structure, keeps the upside favored, with break above 0.9430/36 required to confirm break above near-term congestion and confirm base at 0.9237, to trigger stronger recovery towards 0.9461, 29 June low and 0.9500, 31 Aug low / round figure resistance," says Slobodan Drvenica, Information & Analysis Manager at Windsor Brokers Ltd.

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