USDCHF Rebounds from 17-Month Lows

USDCHF is trading 0.14% higher at 0.9450 as the rebound from 17-month lows continues for the fourth consecutive trading day. USD was under selling pressure after the coronavirus outbreak in mid-February while investors are running for cover in the safe-haven assets such as Japanese Yen and Swiss Franc. 

The Federal Reserve cut the interest rates by 50 basis points and yesterday announced a 3-day $1.5 trillion injection of liquidity to the markets via the repo market. 

On the technical side, the technical outlook is bearish for the pair despite the recent rebound as it trades below the major daily moving averages. Intraday resistance is seen at 0.9476, the daily high. More selling pressure will be met at 0.9551, the high from yesterday’s trading session.

On the downside, the first support stands at 0.9421, the daily low. The next hurdle to the downside for bears will be met at 0.9321, the low from yesterday’s trading session.

USDCHF Daily Chart

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