Today, the US dollar continued its decline during the Asian session, but the dynamics has changed since the opening of the European session. The US currency is declining against the Swiss franc, but strengthening against its other counterparts. If the USD continues growing during the European session, the USD/CHF pair is likely to be back to its upward trend as well.
Amid a slowdown in Swiss economic growth, Swiss National Bank tends to keep its loose monetary policy that will affect the growth in the CHF against the USD.
Today, market participants are waiting for a block of news releases, due in the US.
Since the opening of the trading week, the USD/CHF pair has lost about 50 points. The price has corrected down to the support level of 1.0150 (EMA144 on the hourly chart) and has almost reached the level of 1.0130 (EMA50 and the lower border of an upward channel on the 4-hour chart).
OsMA and Stochastic on the 4-hour and daily charts recommend short positions that suggests continuation of a downward correction.
Though the USD/CHF pair is overbought and is at its year highs, the price still has growth potential until the level of 1.0600 (EMA144 on the monthly chart) is reached.
Support levels: 1.0130, 1.0000, 0.9880, 0.9800.
Resistance levels: 1.0200, 1.0240, 1.0300.