Swiss franc rises to new multi-month high vs dollar
The Swiss franc continues to shine and extended larger strength against US dollar to new highest level since September 2018 on Thursday.
Fresh rally was fueled by decision of the US Treasury Department to add Switzerland to the list of currency manipulators, after removing China from the list and report that showed significant drop in net long bets on the dollar.
The Swiss franc remains firm despite talks of SNB’s intervention and eyes next significant barriers at 0.9588 (Fibo 61.8% of 0.9187/1.0237, Feb 2018/Apr 2019 ascend) and 0.9542 (21 Sep 2018 trough).
Bearish daily/weekly techs support further USDCHF weakness, however, oversold conditions warn that larger bears may pause before push through 0.9588/72 pivots.
Falling daily Tenkan-sen (0.9694) should cap upticks and keep bears intact.
Res: 0.9659; 0.9679; 0.9694; 0.9730
Sup: 0.9626; 0.9588; 0.9542; 0.9519