FXstreet.com (Barcelona) - After it rises around 50 pips from the 1.1748 to test the 1.1800 resistance level, The USD/CHF has been rejected by this resistance and the pair has fallen near to 70 pips to break the 1.1750 support and reach the 1.1733, today's low.

Currently, the USD/CHF is trading around the 1.1750/70 band, if the pair wants be back above the 1.1800, first must be break the 1.1780 resistance, above here the pair would approach 1.1956 (Dec 5 low). On the downside, below 1.1800, next support level comes at 1.1750, 1.1720 and 1.1660.

According to Hugh Gordon, Analyst at ForexYard, The USD/CHF may be in a correction movement in the nearest future: It appears a breach of the upper border of the hourly chart's Bollinger Bands occurred early this morning, indicating the pair may correct downwards in the nearest future. However, the bullish channel which this pair is currently trading in has not been penetrated by a clear breach of its upper or lower levels. Trading within this range by buying on lows and selling on highs might be a wise choice today.