USD/CHF Recovery from 2-Week Lows Capped by 0.9600

USD/CHF Recovery from 2-Week Lows Capped by 0.9600

2 May 2016, 11:03
Roberto Jacobs
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USD/CHF Recovery from 2-Week Lows Capped by 0.9600

The USD/CHF pair stalled its recovery from 2-week lows just ahead of 0.96 handle and fell sharply, before finding support near daily lows and now consolidates the recent downslide.

USD/CHF finds good support at daily S1

Currently, the USD/CHF pair trades -0.14% lower at 0.9586, attempting another run towards 0.9600. The major keeps losses as the US dollar remains under pressure against its major counterparts, despite a slight improvement in the risk-sentiment amid higher European stocks. Meanwhile, the US index, measuring the relative value of the greenback against six major currencies, drops -0.16% to 92.87, hovering within a striking range of fresh eight-month lows previously reached at 92.84.

Meanwhile, the major will continue to track the broader market sentiment ahead of the US manufacturing PMI releases and SNB Chairman Jordan’s speech. The SNB Chief Jordan is due to speak about the euro and Swiss monetary policy at the Europa Forum, in Luzern later in the NA session.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9630/31 (5-DMA/ 1h 50-SMA) and above which it could extend gains to 0.9700 (round number). To the downside, immediate support might be located at 0.9565 (2-week low) and below that 0.9500 (round number).


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