USD/CHF breaks key support and drops to 1—month low

USD/CHF broke a key short-term support and reached the lowest level since late September below 0.9700. A weak US dollar across the board pushed the pair to the downside. The Swiss franc is having so far the best weekly performing against the US dollar since July. Political turmoil in the US offset the signals from the Fed of a December rate hike and the NFP report. 

USD/CHF unable to recover 

After the release of the NFP report in the US, the pair attempted to recover but it was unable to rise above 0.9750 and dropped back toward daily lows. Recently it broke the 0.9695 - 0.9700 support area, that was offering support since Wednesday. 

USD/CHF reached a fresh low at 0.9681 and continues to move with a strong bearish momentum, as it holds below the 0.9700 handle. 

To the downside, the next potential support could be seen around 0.9640 (September lows). On the upside, greenback needs tor rise back above 0.9700 to remove part of the bearish pressure. But to gain support to make a more sustain recovery the pair would need to climb on top of 0.9760.