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)