August 01, 2024 at 05:58PM
The USDCHF is trading back to the low from earlier today at 0.87277.
That level corresponds to the low from March 8 at 0.8728 (see red circle 3) and a swing high going back to January 23 at the same level. (see red circle 1).
So far support is holding. The topside resistance now is at the 50% at 0.8777.
On the downside, break below 0.87277 and traders will look toward the 61.8% of the move up from the December low comes in at 0.86725..
US stocks continue to move lower and that is leading to flight to safety into the CHF.
Dow is down -1.30%
S&P is down -1.21%
Nasdaq is down -1.88%
Russell 2000 is down -3.13%.
US yields are also sharply lower with the:
2 year yield 4.193%, -14.5 basis points
5-year yield 3.861%, -13.7 basis points
10 year deal 3.95%, -11.9 basis points
30-year yield 4.272%, -9.6 basis points
This article was written by Greg Michalowski at www.forexlive.com.
