I spy with my eye a possible support area for USD/CHF!

In case you missed it, the pair recently tumbled following the discharge of mid-tier U.S. economic data supporting a Fed rate hike as soon as this yr.

After all, it didn’t hurt CHF that Switzerland also dropped a better-than-expected GDP report AND that Swiss National Bank (SNB) Thomas Jordan recently shared his concerns over upward risks to inflation.

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. In case you haven’t yet done your fundie homework on the U.S. dollar and the Swiss franc, then it’s time to ascertain out the economic calendar and stay updated on every day fundamental news!

USD/CHF 4-hour Forex Chart by TradingView

USD/CHF, which was trading around .9140, dropped like a rock and is now closer to the .9040 levels.

How low can USD/CHF go before the bulls step in?

The pair may even see some demand from its current levels as they line up with the S2 (.9041) Pivot Point line within the 4-hour time-frame.

Or USD/CHF could trade a bit lower after which find buyers on the .9000 psychological handle that has been supporting the pair since late March.

If USD/CHF does turn higher from the potential support area, then we are able to bet that at the least some traders may consider the .9150 Pivot Point area and .9160 previous area of interest as targets.

But when USD/CHF extends its downswing and falls through the range support zone, then the pair may hit lower inflection points like .8960 or .8890.

What do you’re thinking that? Will USD/CHF’s range support hold for one more day?