USD/CHF: Dip To 10-Hour M/A Line Elicits Support

The drop back to the 10-Hour moving average at 1.2353 saw buyers in USD/CHF emerge. Bids were always likely to be found on a drop to 1.2350/55 and in the wake of the weak Chicago numbers the price tested such levels. Trading has since rebounded and the pair is once more retesting the 1.2370's have worked back through the 1.2360's with comparative ease. The 10-Hour line may now stand as 1.2358 but spot will still be supported into 1.2350 with 1.2390/2400 capping the topside.