USD/CHF Defends Mild Gains Below 0.9700
The US dollar keeps the upper edge versus its Swiss counterpart in early Europe, with USD/CHF gradually reversing from near 0.97 handle amid negative Asian equities.
USD/CHF rejected at 0.9695
Currently,
the USD/CHF pair trades modestly flat at 0.9681, having met fresh
supply once again near 0.97 barrier. The risk-off sentiment witnessed in
Asia is expected to extend into the European trades, keeping the
safe-haven demand for the Swiss franc intact as the Euro Stoxx futures
dip -0.20% in early trading pointing to a weaker start on the European
markets.
Next in focus for the major remains the foreign currency
reserves data published by the SNB ahead of the US official labor
market report lined up for release in the NY session.
USD/CHF Technical Levels
To
the upside, the next resistance is located at 0.9695/0.9700 (daily
high/ round number) and above which it could extend gains to 0.9738/50
(Apr 28 High/ psychological levels). To the downside, immediate support
might be located at 0.9632 (1h 200-SMA/10-DMA) and below that 0.9600/05
(5-DMA).
