USDCHF fell more than 200 pips since the beginning of September. Currently, we can’t exclude that even 0.9540 level will be tested again. In a short term, from less than two days, USDCHF has been moving in a narrow consolidation between 0.9670 – 0.9705. If the price breaks 0.9670 level, next targets for falls are located at 0.9640 and 0.9540. Current decline should be finished at the last mentioned level. Right now we are observing attempt of breakout of that consolidation.
Alternatively if USDCHF breaks upper limit at 0.9705, next targets for demand will be located at: 0.9750, 0.9800, 0.9880. It is very likely that the consolidation will be broken today. There will be a ECB decision about interest rates and it should provoke higher volatility on the market.
