USD/CHF Aases-Off Two-Week High in Sync with USD Index
pair ran through offers near 0.9680 region and now turns negative as
the spot mirrors the greenback’s moves against its major rivals.
USD/CHF flat-lined above 0.9660
Currently, the USD/CHF pair trades modestly flat at 0.9666, retreating from fresh two-week tops printed yesterday at 0.9688. The major is seen consolidating the upside in an extremely slim range and now comes under renewed selling pressure, as the US dollar wipes-out minor gains and turns in the negative territory against a basket of currencies.
Moreover, markets appear to have ignored optimistic Chinese macro releases and remain cautious amid persisting mixed sentiment heading into weekend’s oil producers’ meeting in Doha on output freeze talks. Meanwhile, all eyes remain on a fresh batch of US macro data for fresh direction.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9700 (round number) and above which it could extend gains to 0.9776 (50-DMA). To the downside, immediate support might be located at 0.9629/20 (20 & 5-DMA) and below that 0.9600 (psychological levels/ 1h 100-SMA).
(Market News Provided by FXstreet)