USD/CHF Rebounds After Hitting 5-Month Lows Under 0.9600

USD/CHF Rebounds After Hitting 5-Month Lows Under 0.9600

30 March 2016, 19:43
Roberto Jacobs
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USD/CHF Rebounds After Hitting 5-Month Lows Under 0.9600

USD/CHF reached levels under 0.9600 for the first time since October. The pair bottomed at 0.9592 after Wall Street opening bell. During the last hours, greenback gained momentum in the market and trimmed losses, pushing the pair back above 0.9600.

USD/CHF falling for the third day but off lows

Currently it trades at 0.9635/40, 0.35% below yesterday’s closing price, headed toward the third daily decline in a row. Today the pair is breaking below previous monthly lows bu the rebound from the lows could suggest that a short-term bottom is in place, favoring scenario of consolidation for the next sessions.

The ADP report showed better-than-expected numbers but the US dollar failed to raise. Yesterday’s comments from Yellen continued to weight on greenback. The FED Chair lowered again rate hike expectation, boosting stocks and bonds.

Tomorrow it will be the turn in the US of the jobless claims report while the key labor report will be on Friday with the NFP. According to estimates, market consensus points toward a 205K increase in payrolls.

(Market News Provided by FXstreet)

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