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The USD/CHF pair fell as a result of conflicting US economic news headlines that made the US Dollar weaker. The pair is trading at 0.8959 at the time of writing. As support levels threaten to fall below 0.8950, bears are waiting in the shadows. Bulls are still optimistic since resistance levels, at about 0.9000, are within striking distance.
The USD/CHF tumbled to 22-fresh monthly lows at 0.8943 after fundamental news from the United States (US) weakened the US Dollar (USD), even though chances for another rate hike by the Fed remained high. The USD/CHF is currently trading at 0.8956, posting negligible gains of 0.03% as the Asian session gets underway.
The USD/CHF accelerated its decline after breaching a support trendline established from lows around 0.9070 on March 13 and broke to a new YTD low since April 1. Although the pair was expecting to trade around the 0.9050 range, it produced two days of losses totaling more than 60 pip, pushing prices to levels not seen since June 2021.
The YTD low of 2023 at 0.8943 would be made visible if USD/CHF drops below 0.8950. Once cleared, the USD/CHF might fall towards the 0.8926 low from June 9 and then the 0.8900 mark. The upside risks are at the high from April 12 at 0.9035, then 0.9050, before challenging the 20-day EMA at 0.9106. On the other hand, if the USD/CHF regains the 0.9000 level.
