USD/CHF Ends 7-Day Losing Streak, Bounces to 0.9570
The bulls were offered much-needed respite from the broad based US dollar rebound, lifting the USD/CHF pair from multi-month troughs.
USD/CHF heading towards 0.9600?
Currently,
the USD/CHF pair trades +0.24% higher at 0.9566, flirting with session
highs printed at 0.9570 earlier today. The major extends higher this
session, recovering near about 130 pips from yesterday’ sell-off as
stabilizing oil prices and a broadly higher greenback continues to
underpin the correction.
Nothing of relevance for the major in
the session ahead, and hence, the attention now shifts towards the US
docket, with a string of key macro updates scheduled to be reported.
USD/CHF Technical Levels
To
the upside, the next resistance is located at 0.9648/50 (10-DMA/
psychological levels) and above which it could extend gains to 0.9670
(1h 200-SMA). To the downside, immediate support might be located at
0.9513/00 (daily pivot/ round number) and below that 0.9446 (9-month
low).
