FXstreet.com (Barcelona) - The USD/CHF sell of has found a bottom at 1.1533 and has bounced back towards resistance level at 1.1660.

The USD/CHF rally decline has found support at 1.1545 area and it has risen about 50 pips to levels around 1.1600 resistance level. Successful reaction above 1.1600 could drive the pair up to test 1.1660.

Nevertheless, the Swiss E Trade Strategy Team affirms that the current recovery move is just a correction and the USD/HF will resume decline: Again the dollar came under pressure in the morning European trading hours, losing about 100 pips to the current 1.1550 mark against the Swiss franc. We expect another testing of the 1.1480 lows today but first some recovery to the 1.1610 resistance level is likely.