- The Swiss franc falls across the board on Friday, even amid appetite for risk
- USD / CHF is having the best day in weeks, rising to 0.8900.
The USD/CHF it is rising sharply on Friday and recently rose to 0.8908, reaching the highest level in two days. The pair is recovering from multi-year lows, driven by a stronger US dollar gaining particularly against major European currencies.
The lack of a Brexit deal and despite lower US yields, USD / CHF is steadily climbing on Friday. Even when global markets decline. The Swiss franc is also lower against the euro and flat against the pound.
The US dollar index rose on Friday, trading around 91.00. It is trending up, but still remains close to the monthly lows. The recovery of the US dollar against European currencies is so far seen as a correction.
Consolidation ahead?
The main trend in USD / CHF is bearish. The negative momentum diminished. So far there are no clear signs of a reversal. It would be positive for the dollar if it stays above 0.8900. The next resistance is at 0.8945, followed by 0.9020.
Friday’s rally is the dollar’s best performance in weeks. The weekly candle shows the Swiss franc losing strength and suggesting a potential consolidation ahead between 0.9020 / 30 and 0.8850. As long as it is below 0.9140, the bias will be to the downside.
Technical levels
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