USD/CHF hits fresh weekly lows at 0.9675

A decline of the US dollar pushed the USD/CHF pair to the downside. It fell to 0.9675, hitting the lowest level in a week. Currently, trades at 0.9685/90, down 30 pips for the day. 

The pair is falling for the fourth day in a row, headed toward the first daily close under the 20-day moving average in more than a week. 

On a weekly basis, USD/CHF is about to end the week with losses, after another rejection from above 0.9750. Still, price remains far from 2017 lows that reached two weeks ago at 0.9612.

Technical outlook 

In the short-term momentum is clearly negative, near the 0.9670 area, that is a horizontal support and also where stands, an uptrend line connecting the lows of the last two weeks. A break lower could add bearish pressure, exposing 0.9640 (Jun 14 low). 

If the greenback manages to stand above, it could bounce to the upside, while a recovery on top of 0.9720/25 (daily highs/downtrend line from Jun 20 high), would open the doors to more USD strength.