The USD/CHF dropped to a fresh historic low of 0.8042 in early trade over Asia, as overall uncertainty regarding the US and Eurozone debt situations drove investors to the safety of the Swiss franc. The pair has since battled back to the day´s opening price of 0.8150 however, remaining consolidated around their in morning trade over Europe.
Techincally, the Kshitij Consultancy Services team writes: “Dollar-Swiss has seen a downside breakout of its 0.8300-8550 sideways range. The overall downtrend remains intact. With Support-turned-Resistance in 0.8280-8300 region, the outlook remains bearish for a fall to 0.8070-50-8000 or even 0.7950 in the coming weeks. 0.8070 is a significant Support level seen on the downside and while it holds, we migth see a rally to 0.8250-8300.”
They add: “A break above 0.8300 is not looking likely. However, if seen, the upmove can extend to 0.8400. Remember the pair is finding Resistance near 0.8200 itself, as such the upmove could be well restricted to 0.8200 itself.”
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