USD/CHF Sinks to Lows Near 0.9570
The ongoing risk aversion is prompting USD/CHF to retrace the earlier spike just above the 0.9600 handle and return to daily lows in the 0.9570 area.
USD/CHF lower on risk-off trade
The
pair has eroded Monday’s gains and is now trading closer to Friday’s
multi-month lows in the mid-0.9500s, all against the backdrop of a
renewed risk-off sentiment and the consequent demand for the safe haven
CHF.
Data wise, US trade deficit has widened to more than $47
billion during February, while Markit’s Services PMI and the ISM
Non-manufacturing are due next.
USD/CHF key levels
The
pair is now losing 0.13% at 0.9577 facing the next support at 0.9547
(2016 low Apr.1) followed by 0.9523 (monthly low Sep.18 2015) and then
0.9473 (monthly low Oct.15 2015). On the upside, a surpass of 0.9715
(20-day sma) would aim for 0.9791 (high Mar.25) and finally 0.9824
(200-day sma).
(Market News Provided by FXstreet)
