USD/CHF Sinks to Lows Near 0.9570

USD/CHF Sinks to Lows Near 0.9570

5 April 2016, 15:33
Roberto Jacobs

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)

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