The Swiss Franc rose to fresh record highs against the Dollar after Barack Obama remarks on negotiations between republicans and democrats amid the debt ceiling crisis. USD/CHF bottomed at 0.7999 and recovered ground at a slow pace. The recovery of the Dollar found resistance at the 0.8040 level during the European morning and since then it has been moving sideways in a small range, around 0.8020/25.
“Previous low at 0.8073 offers initial resistance, ahead of 0.8135/50, 21 July low / 25 July high, where a lower top is anticipated, to maintain bear structure,” said Slobodan Drvenica, analyst at Windsor Brokers Ltd. According to him only a regain of 0.8276, “would ease immediate bear pressure.”
Greenback is headed toward the sixth monthly decline in a row and has fallen more than 150 pips from Friday’s closing price.
“Previous low at 0.8073 offers initial resistance, ahead of 0.8135/50, 21 July low / 25 July high, where a lower top is anticipated, to maintain bear structure,” said Slobodan Drvenica, analyst at Windsor Brokers Ltd. According to him only a regain of 0.8276, “would ease immediate bear pressure.”
Greenback is headed toward the sixth monthly decline in a row and has fallen more than 150 pips from Friday’s closing price.
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