USD/CHF Halts a 4-day Rally, Attacks 0.9700

USD/CHF Halts a 4-day Rally, Attacks 0.9700

9 May 2016, 09:14
Roberto Jacobs
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USD/CHF Halts a 4-day Rally, Attacks 0.9700

The USD bulls finally faced exhaustion and turned in the negative territory for the first time in five days, mainly driven by persisting risk-off environment.

USD/CHF fails near 0.9740

Currently, the USD/CHF pair trades -0.19% lower at 0.9708, languishing near session lows reached at 0.9707 last minutes. The major edged lower this session largely on the back of profit-taking after the prices failed to surpass Friday’s tops. Moreover, the USD bulls took a breather in their upsurge as markets now await the European open for fresh take on the USD/CHF pair. Further, Swiss CPI report due out shortly will be closely eyed on further momentum on the major.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9738/50 (Apr 28 High/ psychological levels) and above which it could extend gains to 0.9800 (round number). To the downside, immediate support might be located at 0.9682/76 (1h 50-SMA, 20-DMA) and below that 0.9635 (10-DMA).


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