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US$/Swiss - Volatile with bearish undertone

by Timothy Straiton
Saturday 28th March 2020

Current level is 0.9512, trading 3.13% below the 200 day falling moving average. Short-term support can be expected at 0.9485 which is the Fibonacci 61.8 % retracement from the high of the 0.9865 - 0.9250 range traded within the first three weeks of March. Additional support can be expected at 0.9395 which the Fibonacci 76.4% retracement level of the same range. This market is not for the faint hearted, with the percentual average true range reaching extremely high levels. Such astronomic volatility was last seen five years ago. Nevertheless, the underlying tone remains bearish for the US$. This currency pair has traded almost continually below its 200 day moving average since June 2019. We can thank the Fed's deranged and irresponsible promotion of zero interest rates and massive debt accumulation for this trend.

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