USD/CHF Lower

USD/CHF reached a low yesterday at 0.9858 as bears were actively selling the pair on rumors that the FED is preparing yet another rate hike in June. The pair reached its latest high at 1.0107 in the beginning of April and it has been depreciating since then.

Currently, USD/CHF is trading at 0.9883, a bit higher than yesterday's low but still in the downtrend that started in early April.

If the pair continues to be dominated by bears, first level could be expected at 0.9850, then the potential double bottom comes at 0.9813.

USD/CHF is having a hard time depreciating as the move down comes in a very choppy momentum with a lot of sideways trading. Bears would need more fundamentals that can back up the bearish outlook.

Chart: USD/CHF H4