FXstreet.com (San Francisco) - The Dollar is extending its decline against the Swiss Franc on the back of risk rally in the American opening on hopes of QE3 in the US. After testing the 0.9508 support (55 hours MA) several times, the pair has finally broken this level and it has fallen below 0.9500 to trades at intra-day lows close to 0.9480.
Currently the pair is pricing at 0.9482, 0.70% below opening price action. Pair seems "Slightly Bearish" and "Overbought" according to the FXstret.com technical studies. "The USD/CHF gains bearish momentum, approaching 0.9470 strong static support, with hourly chart showing a strongly bearish tone as 20 SMA turns south above current price and indicators hold below their midlines," comments Valeria Bednarik, FXstreet.com analyst.
"In bigger time frames the downside is also favored as per 20 SMA heading lower and price standing below it," Bednarik points. "Indicators hold recent neutral stance, hovering around their midlines."
