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USD/CHF climbs back near 0.8000 after June lows
The pair rebounded from an intraday low of 0.7949, after sliding below the 0.8000 mark and losing 1.83% on Wednesday.
USD/CHF regained ground on Thursday after the US dollar stabilized following broad weakness that pushed the pair below the 0.8000 psychological level and to its lowest point since June 17, FXStreet reported. The currency pair was trading around 0.7998, after bouncing from an intraday low of 0.7949.
FXStreet said USD/CHF lost 1.83% on Wednesday and slipped under the 50-day Simple Moving Average at 0.8085 for the first time since June 2. Buyers re-emerged after a brief dip below the 100-day SMA at 0.7975, helping the pair recover.
The near-term setup remains fragile, with the Relative Strength Index at 38.2 and the Moving Average Convergence Divergence still below zero, FXStreet noted. Resistance is seen around 0.8000, with additional upside hurdles near 0.8050 and the 50-day SMA at 0.8085.
On the downside, FXStreet pointed to 0.7975 as immediate support at the 100-day SMA, followed by the 200-day SMA at 0.7933. A deeper fall could test the horizontal level at 0.7850, the outlet added.