USD/CHF Extends Gains Above 0.9600
The US dollar continued to recover ground against the Swiss franc on
Wednesday and now is positive for the current month. Economic data from
the US failed to weaken USD/CHF that hit a 2-week high during the American session at 0.9659.
During
the last hours, the pair has remained quiet, like most of the currency
market, moving in a range between 0.9640 and 0.9660, consolidating 150
pips above yesterday’s lows. It is the third daily gain in a row for the
greenback , that today is among the top performers in the currency
market, climbing even against the yen.
In the US, retail sales
and wholesale inflation numbers from March were negative and below
expectation. The US dollar dropped modestly after the release but then
gained momentum again and climbed to fresh highs in the market. The
Dollar Index (DXY) is having the best performance in more than a month.
USD/CHF levels to watch
In
the short-term, resistance might be seen at 0.9660 (daily high), 0.9700
(psychological) and 0.9725 (Mar 29 low). On the opposite direction,
support now could be located at 0.9640 (lower limit of current range),
0.9610/15 (American session low) and 0.9540 (daily low).
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