Forex: USD/CHF snapped back down to 1.0450
In an impressive strength exercise, the Swissy recovered ½ the losses from yesterday, after a wild rally took the pair from 1.0400 lows to a 4-day high at 1.0542 on Wednesday. The retreat from highs sent USD/CHF to fall aggressively, temporarily halted at 1.0450 region.
The bulk of bears work to reverse the positive upside momentum took place at the European opening bell, as the injection of order flows favoured a strong correctional move. Current price can be found at 1.0462, a 0.66% lower compared to its previous close.
“What started as a minor correction has turned into a bigger decline with initial sups. broken. Next sup. comes in the 1.0420/35 band and, if this fails, we will probably see a retest of the recent lows next 24 hours or so. Res. is lower now at 1.0500/10” said the analyis team at 4CAST.
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