USD/CHF Recovery from Half-Yearly Lows Falters Near 0.9575
USD/CHF Recovery from Half-Yearly Lows Falters Near 0.9575
The corrective rally in the USD/CHF pair lost legs at hourly 100-SMA, with the bulls now fighting to retain control amid mixed markets.
USD/CHF testing daily lows
Currently,
the USD/CHF pair trades modestly flat at fresh session lows of 0.9560,
unable to sustain at higher levels. The major locked steps with
price-action seen in the US dollar index, with the prices reversing the
initial recovery and erasing most of the gains. The USD index, which
measures the relative value of the greenback against a basket of six
major currencies, now trades +0.04% at 94.54, versus +0.17% seen earlier
today.
Moreover, upbeat employment numbers from the Swiss
economy also bolstered the sentiment around the Swiss franc, thereby
dragging USD/CHF lower. Switzerland’s jobless rate stood at 3.6% m/m,
down from 3.7% seen in the previous month.
Next on tap for the
major remains the Swiss CPI data due later in the European session,
while the US calendar remains data-light for today.
USD/CHF Technical Levels
To
the upside, the next resistance is located at 0.9592/ 0.9609 (10-DMA/
1h 200-SMA) and above which it could extend gains to 0.9700 (round
number). To the downside, immediate support might be located at 0.9522
(Daily S1) and below that 0.9500 (psychological levels).
(Market News Provided by FXstreet)
