USD/CHF Breaks Trendline Support, 50-Day SMA Comes into Focus
The US dollar weakened on Tuesday as improved risk appetite pushed USD/CHF lower by 0.16%, breaking a key trendline and bringing the 50-day simple moving average into view.
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USD/CHF declined 0.16% on Tuesday, pressured by a softer US dollar. Renewed hopes for a US-Israel peace deal that could stabilize the Strait of Hormuz boosted risk appetite, weighing on the greenback.
The move took the pair below a previously supportive trendline, turning near-term technical attention to the 50-day simple moving average as potential support.
Traders now watch whether the 50-day SMA can stem further losses or if the break opens a deeper retracement.
Source: FXStreet Forex News