Forex
USD/CHF Pair Plummets as Greenback Weakness Deepens
The USD/CHF pair has tumbled nearly 0.80% on Thursday as the Greenback weakens due to rumors of a potential intervention in the FX markets to boost the Japanese Yen.
This move has led to the pair falling from around daily highs of 0.8131, extending its losses to the current exchange rate near 0.8065.
The 50-day Simple Moving Average (SMA) of 0.8090 was broken by the USD/CHF, but so far, it is retaining its upward bias as the pair remains above a previously broken resistance trendline turned support.
The Relative Strength Index (RSI) has turned bearish, indicating that sellers are in control, and further downside is expected unless buyers reclaim key technical resistance areas.