The US Dollar has retraced previous losses, as news of an Israeli attack on Iran boosted the safe-haven CHF, to consolidate at previous ranges, above the 0.9075 resistance area.
The US Dollar pares previous losses and returns to levels right below 0.9100 A doji candle in the weekly chart and the bearish divergence on intra-day charts suggest the possibility of a deeper correction. USD/CHF bears need to breach 0.9075 support level. On Friday, Chicago Fed President Austen Goolsbee has reiterated the the lack of progress on inflation and reaffirmed the data-dependant approach on further monetary policy decisions.
The weekly chart is set to print a Doji candle, which often indicates that a potential correction might be ahead. A bearish divergence on the 4-hour chart is also pointing to that direction, although bears need to confirm below 0.9075 to confirm a trend shift. Below there, the next targets would be the 0.9000 area and the trendline support at 0.8980. On the upside, a bullish reaction beyond 0.9245 would expose October’s high, at 0.9240. USD/CHF 4-Hour Chart USD/CHF Overview Today last price 0.
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