USD/CHF Ends 7-Day Losing Streak, Bounces to 0.9570

USD/CHF Ends 7-Day Losing Streak, Bounces to 0.9570

4 May 2016, 07:45
Roberto Jacobs
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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).


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