Forex: USD/CHF stabilizes after steep drop

After reaching a 6-month high at the beginning of the New York session, USD/CHF turned lower and retreated sharply, not only turning intraday negative but also retracing yesterday's gains.

USD/CHF lost over 100 pips within the last hours, sliding from a high of 0.9566 to a low of 0.9450 before finding support and settling in a range. At time of writing, USD/CHF is trading around 0.9465, 0.6% below its opening price.

On the downside, if USD/CHF loses the 0.9450 level, next supports are seen at 0.9430 (Mar 13 low) and 0.9420 (200-day SMA). On the upside, resistances could be found at 0.9565 (intraday high), 0.9600 (psychological level) and 0.9635 (Aug 28 high).