FX.co ★ USD/CHF

On the daily chart, USDCHF has ended the week with a pivot candle. Another repeated attempt to reach 0.8150 ended with a pullback. Now we need to watch the support level at 0.9150 closely. A break below it will lead to the closing of a large number of long positions and a drop in USDCHF to 0.7900. The point is that the entire recent rise of the pair was driven by a hawkish repricing of Fed rate expectations after the June meeting. Last week shook these hopes with an unexpected increase in US GDP. In the coming week, NFP is due, which could fundamentally change the direction of US monetary policy. On top of that, there is demand for CHF due to the breakdown of the truce between Iran and the US. The countries are already exchanging mutual strikes.