USD/CHF Stuck in Tight Range Below 0.9550
The US dollar fights hard to regain lost footing versus its Swiss counterpart in the European morning, lifting USD/CHF from session lows on the 0.95 handle.
USD/CHF retreats slightly from half-yearly lows
Currently, the USD/CHF pair trades modestly flat at 0.9535, recovering from fresh session lows struck at 0.9526 some minutes ago. The major is seen making minor-recovery attempts from multi-month lows, although the recovery remains capped by 0.9550 levels as the US dollar trades broadly muted against its major competitors. The USD index, which measures the relative value of the greenback against a basket of six major currencies, now trades +0.02% at 93.98, flat-lined around 94 handle over the past few hours.
The Swiss franc also keeps the bids ahead of Europe open as the European indices futures trade on a shaky ground, which points to a subdued start to the European stocks. Hence, the demand for the safe-haven CHF is seen intact, despite a minor recovery in the oil prices.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9550/57 (daily high/ 10-DMA) and above which it could extend gains to 0.9600/13 (round number/ daily R2). To the downside, immediate support might be located at 0.9538 (Daily pivot) and below that 0.9500 (psychological levels).
(Market News Provided by FXstreet)