The USD/CHF pair has been trading downwards since the 28th of June 2016, with the price travelling from as high as 0.9837 to as low as 0.9711.
On Friday, the pair dropped to the session low of 0.9711, but found support around that area to correct higher. Today, the pair attempted to recover around 0.9760, but then fell back to 0.9730. The major failed to gain further traction amid thin market liquidity in observance of the Independence Day in the U.S.
Going forward, investors will monitor the FOMC meeting minutes, followed by U.S. nonfarm payrolls report that could help determine the pair’s trajectory.
In the event that the price breaks above 0.9790, the pair could rise up to 0.9814 and 0.9837 respectively.
On the flip side, in the scenario where the price breaks below Friday’s low of 0.9711, the pair could find support at 0.9680 and 0.9643 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.