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Chart of the Day: USD/CHF Stalls, Breakdown Looks Imminent

08/02/2023

Less than a minute

2023.08.02 03:17

Forex Analytix

The stalled ahead of the .8800 level breakdown point and at the 38% retracement at .8781. While below the .8800 level, the risk is for a move back toward the .8551 trend low.

This is considered a continuation of the downtrend and descending channel. The Fitch downgrade of US debt should assist in the fall and for the Swiss Franc to gain as a safe haven currency.

USD/CHF Daily Chart