Since USD/CHF price action has a tendency to move on the contrary (negatively correlated) to EUR/USD, traders are now more confident that serious inroads to the downside can be achieved as the Euro strengthens throughout the market after Europe agreed on Thursday to a financial aid package giving urgent aid to save Greece from default.
As a result, the Swissy has gained ground against the Greenback for the second consecutive day, opening Thursday’s session at 0.8192, advancing into the 0.8235 price zone in early Asia, then retreating to target fresh 3-day lows below 0.8150 (July 19 low) where it has just closed the American trade.
At the time of writing, USD/CHF has spiked into the 0.8205 zone at Asian open only to return to prices back near the open. Now that a handful of weaker shorts have been taken out, another test of USD/CHF bids into 0.8080/75 can be expected. To the upside, above 0.8205, next resistance lies at 0.8235. To the downside, next support lies at 0.8120 (July 15 low).
At the time of writing, USD/CHF has spiked into the 0.8205 zone at Asian open only to return to prices back near the open. Now that a handful of weaker shorts have been taken out, another test of USD/CHF bids into 0.8080/75 can be expected. To the upside, above 0.8205, next resistance lies at 0.8235. To the downside, next support lies at 0.8120 (July 15 low).
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