I see with my own eyes a potential support area for USD/CHF!
In case you missed it, the pair recently fell after mid-level US economic data supporting a Federal Reserve rate hike as soon as this year.
Of course, it didn't hurt the Swiss franc that Switzerland also dropped a better-than-expected GDP report and that Swiss National Bank Thomas Jordaens recently shared his concerns about the upside risks to inflation.
Remember that directional biases and volatility conditions in market prices are usually driven by fundamentals. If you haven't done your financial homework on the USD and CHF yet, it's time to check the economic calendar and stay up to date with daily fundamental news!
USD/CHF Forex for 4 hours Chart by TradingView
The USD/CHF pair, which was trading at 0.9140, has fallen like a rock and is now closer to 0.9040 levels.
How far can USD/CHF go before the bulls intervene?
The pair may see some demand from its current levels as it lines up with the S2 pivot point line (.9041) in the 4-hour time frame.
Or USD/CHF could trade a little lower and then find buyers at the psychological 0.9000 level that has been supporting the pair since late March.
If USD/CHF turns higher from the potential support area, we can bet that at least some traders may consider the 0.9150 pivot point area and the previous 0.9160 area of interest as targets.
But if USD/CHF extends its downtrend and falls through the range support area, the pair may reach lower inflection points such as 0.8960 or 0.8890.
what do you think? Will USD/CHF range support hold for another day?