FXstreet.com (Barcelona) - After breaking the 1.1500 level in the Asian session, USD/CHF has fallen 1.00% so far today from opening price at 1.1522 to reach 1.1382, one-week low. Currently the pair is trading around 1.1405/15.
Yesterday, pair lost 1.01% from 1.1638 opening price, reaching 1.1675 as highest and 1.1502 as lowest, to close the day at 1.1521.
Greg Holden, Analyst at ForexYard, comments about the greenback: Whilst the Dollar declined in yesterday's trading against most of its major currency pairs, Oil prices recorded considerable gains. Thus lately, there has been an inverse relationship between the greenback and the black gold. Therefore it is important to follow economic news releases from the U.S. closely today, as a weak U.S. economy is likely to lead to bearish Oil prices. On the other hand, strong U.S. economic data and a strong Dollar are likely to lead to higher Oil prices later today.
Specifically related to USD/CHF, Greg thinks the pair is bearish:The bearish momentum the pair has shown since the breach of the channel on the daily chart continues. The 4-hour chart's Slow Stochastic is showing the continuation of the trend, and the hourly studies also confirm the bearish notion. Going short might be the right choice today.
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