Forex: USD/CHF drops back to test 1.1485 support area
Dollar recovery from Thursday's low at 1.1485 has been capped at 1.1575 on Asian session and following pullback extended on early European session, reaching back to 1.1485 support level, which is being tested at the moment of writing.
On a wider perspective, Slobodan Drvenica, technical analyst at Windsor Brokers Ltd considers the current downtrend a corrective move with bulls dominating while above 1.1449: "Shallow correction from 1.1694, 25 May yearly high, precedes a likely push higher to challenge 1.1785, trendline drawn off Feb 2006 high. Support at 1.1449 now keeps immediate bulls in play, with break above 1.1655 needed to confirm fresh swing higher."
Support levels, according to Drvenica, lie at 1.1481, 1.1449 and 1.1417. Resistance levels are 1.1655, 1.1694 and 1.1725.
