USD/CHF Recovery from 2-Week Lows Capped by 0.9600
The USD/CHF pair
stalled its recovery from 2-week lows just ahead of 0.96 handle and
fell sharply, before finding support near daily lows and now
consolidates the recent downslide.
USD/CHF finds good support at daily S1
Currently,
the USD/CHF pair trades -0.14% lower at 0.9586, attempting another run
towards 0.9600. The major keeps losses as the US dollar remains under
pressure against its major counterparts, despite a slight improvement in
the risk-sentiment amid higher European stocks. Meanwhile, the US
index, measuring the relative value of the greenback against six major
currencies, drops -0.16% to 92.87, hovering within a striking range of
fresh eight-month lows previously reached at 92.84.
Meanwhile,
the major will continue to track the broader market sentiment ahead of
the US manufacturing PMI releases and SNB Chairman Jordan’s speech. The
SNB Chief Jordan is due to speak about the euro and Swiss monetary
policy at the Europa Forum, in Luzern later in the NA session.
USD/CHF Technical Levels
To
the upside, the next resistance is located at 0.9630/31 (5-DMA/ 1h
50-SMA) and above which it could extend gains to 0.9700 (round number).
To the downside, immediate support might be located at 0.9565 (2-week
low) and below that 0.9500 (round number).
