The Swiss franc has been trading around the green support zone recently, until it broke down earlier today. Is it a one-day event where the dollar bulls can be expected to step in shortly? Or is there some dollar-selling still ahead?
Earlier today, USD/CHF broke below the green
support zone and the 61.8% Fibonacci retracement, triggering further deterioration and a
breakdown below the recent lows.
This move opens the way to the next support area based on the 76.4% and 78.6% Fibonacci retracements, as the bears have the initiative.
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Nadia Simmons
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