USDCHF getting Clobbered
USD/CHF has quietly been getting hit today, down 0.5%
Share this:
With all the talk of a Brexit deal getting done today, USD/CHF has quietly been getting hit today, down 0.5% and breaking down through some major support levels. Although the DXY got hit at the time the Brexit deal was announced, USD/CHF has been selling off since yesterday, where the pair failed to take out the all-important psychological 1.0000 level.
USD/CHF has been in an uptrend since putting in lows on August 13th. The pair retraced to the 61.8% Fibonacci level from the high on April 26th to the previously mentioned lows. However, it failed to close above those levels at 1.0017, and for that matter, the 1.0000 level as well. Today the pair not only broke through the bottom trendline of the rising channel at .9950, but also took out prior lows and horizontal support near .9900!
Source: Tradingview, City Index
On a 240-minute time frame, USD/CHF has broken lower out of a rising wedge and, for the moment, has held the 38.2% retracement from the lows of August 13th to the highs from October 3rd at .9888. The target for a rising wedge is a 100% of the move higher, which is near .9660. Note that RSI is moving into oversold territory, however it is still pointing lower.
Source: Tradingview, City Index
If we look at a short term 60-minute timeframe, USD/CHF took out the .9905 horizontal support, and the RSI is below 20. First resistance now comes in at that .9905 level. Above that, resistance comes in the rising trendline (on all timeframes) and horizontal resistance at .9960, and then the all-important psychological level of 1.0000. A close about that level may bring bulls back into the market. Next support level is the 50% retracement level from the 240-minute chart at .9844, which is also horizontal support.
Source: Tradingview, City Index
Just as a reference, the Average True Range for USD/CHF on a daily timeframe is 57 pips. (see indicator at bottom of daily chart). This means that the pair trades in an average trading range (high to low) over the last 14 days of roughly 57 pips. Today’s range is 67 pips as of the time of this writing, and down 64 pips on the day. This indicates there may be a bounce in the short-term.
With all the talk of a Brexit deal getting done today, USD/CHF has quietly been getting hit today, down 0.5% and breaking down through some major support levels. Although the DXY got hit at the time the Brexit deal was announced, USD/CHF has been selling off since yesterday, where the pair failed to take out the all-important psychological 1.0000 level.
USD/CHF has been in an uptrend since putting in lows on August 13th. The pair retraced to the 61.8% Fibonacci level from the high on April 26th to the previously mentioned lows. However, it failed to close above those levels at 1.0017, and for that matter, the 1.0000 level as well. Today the pair not only broke through the bottom trendline of the rising channel at .9950, but also took out prior lows and horizontal support near .9900!
Source: Tradingview, FOREX.com
On a 240-minute time frame, USD/CHF has broken lower out of a rising wedge and, for the moment, has held the 38.2% retracement from the lows of August 13th to the highs from October 3rd at .9888. The target for a rising wedge is a 100% of the move higher, which is near .9660. Note that RSI is moving into oversold territory, however it is still pointing lower.
Source: Tradingview, FOREX.com
If we look at a short term 60-minute timeframe, USD/CHF took out the .9905 horizontal support, and the RSI is below 20. First resistance now comes in at that .9905 level. Above that, resistance comes in the rising trendline (on all timeframes) and horizontal resistance at .9960, and then the all-important psychological level of 1.0000. A close about that level may bring bulls back into the market. Next support level is the 50% retracement level from the 240-minute chart at .9844, which is also horizontal support.
Source: Tradingview, FOREX.com
Just as a reference, the Average True Range for USD/CHF on a daily timeframe is 57 pips. (see indicator at bottom of daily chart). This means that the pair trades in an average trading range (high to low) over the last 14 days of roughly 57 pips. Today’s range is 67 pips as of the time of this writing, and down 64 pips on the day. This indicates there may be a bounce in the short-term.
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
Japanese Yen Forecast: USD/JPY 4% Rally Challenges Post-Intervention Downtrend 9 24 2026
USD/JPY momentum has shifted sharply higher, putting a major resistance confluence in focus as U.S. and Japanese event risk builds.
Oil Quietly Hands the Fed a Reason to Stay Hawkish
Oil prices and the U.S. dollar are both on the front foot as elevated energy costs feed Fed warnings that inflation may prove sticky.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.