USD/CHF Corrects Lower from 3-Week Tops, Near 0.9700

USD/CHF Corrects Lower from 3-Week Tops, Near 0.9700

21 April 2016, 08:52
Roberto Jacobs

USD/CHF Corrects Lower from 3-Week Tops, Near 0.9700

The bulls took a breather from the recent upsurge this Thursday, sending USD/CHF back in the red zone amid a better risk tone and higher oil prices.

USD/CHF fails once again near 0.9730

Currently, the USD/CHF pair trades -0.17% lower near fresh session lows of 0.9706, retreating from 0.9723 session highs. 0.9610. The major remains weak this session, as bulls take profits on their long positions after yesterday’s extensive rally to fresh three-week highs.

Meanwhile, the Swiss franc ignored downbeat Swiss trade data and remained well bid against its American counterpart amid a broadly subdued US dollar. The Swiss trade surplus amounted to CHF2.16 billion in March; compared with a downwardly revised CHF4.02 billion registered in Feb. Markets had predicted a surplus of CHF3.89 billion.

With the Swiss data behind, focus now remains on the ECB policy decision and the US datasets for further cues on the pair.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9733 (multi-week highs) and above which it could extend gains to 0.9800 (round number). To the downside, immediate support might be located at 0.9669/45 (5 & 10-DMA) and below that 0.9625/11 (1h 200-SMA/ 20-DMA).


Share it with friends: