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USD/CHF Claws Back Losses

The Swiss franc plunged across the board after a pickup in risk sentiment. After a double top at 0.9400, a drop below 0.9260 had put the bulls in an awkward position. Last March’s lows around 0.9160 has attracted some bargain hunting. Then a close above 0.9270 revealed strong momentum, turning it into a support. Selling pressure could be expected at 0.9400 but a break above this major hurdle could trigger a recovery in the weeks to come. In the meantime, the RSI’s overbought situation may grant a limited pullback.

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