USD/CHF Recedes to 0.9640, USD Recovery Losing Steam?

USD/CHF Recedes to 0.9640, USD Recovery Losing Steam?

31 March 2016, 09:33
Roberto Jacobs
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USD/CHF Recedes to 0.9640, USD Recovery Losing Steam?

The recovery in the USD/CHF faltered near 0.9660 region after the USD bears took over control, with the US dollar receding gains against its major peers.

USD/CHF revisits daily lows

Currently, the USD/CHF pair turns negative at 0.9647, testing daily lows reached at 0.9643 in early Asia. The major came under renewed selling pressure in the last hour largely on the back of stalling US dollar recovery from five-month lows versus its six major competitors. The USD index gains 0.13% to 94.92, versus 0.23% seen earlier today.

Meanwhile, the immediate focus now remains on Swiss retail sales due out shortly ahead of the US datasets due later in the NY session. Besides, SNB board member Maechler’s speech will be closely heard for fresh insights on the central banks’ take on the CHF level.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9699/ 0.9700 (round number/ 5-DMA) and above which it could extend gains to 0.9721/33 (10-DMA/ daily R2). To the downside, immediate support might be located at 0.9600 (round number/ Daily S1) and below that 0.9550 (psychological levels).

(Market News Provided by FXstreet)

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