USD/CHF Trims Gains to Test 0.9900, Swiss Trade Data Weighs

USD/CHF Trims Gains to Test 0.9900, Swiss Trade Data Weighs

24 May 2016, 09:06
Roberto Jacobs
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USD/CHF Trims Gains to Test 0.9900, Swiss Trade Data Weighs

The USD/CHF pair is seen defending mild gains ahead of Europe open, with the bulls now testing 0.9900 support following the release of Swiss trade figures.

USD/CHF: Upside remains capped at 0.9915

Currently, the USD/CHF pair trades +0.11% higher at 0.9906, fighting hard to extend beyond 0.9915, session tops. The major keeps the bid tone intact, although fails to sustain at higher levels as upbeat Swiss trade data continues to underpin the CHF.

The trade surplus amounted to CHF2.50 billion in April, compared with an upwardly revised CHF2.18 billion registered in the previous month.

Next of note for the major remains the US new home sales, as markets digest the latest hawkish Fed speaks ahead of the US durable goods and GDP data due for release later this week.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9920/27 (Daily R1/ May 19 High) and above which it could extend gains to 0.9950 (round number). To the downside, immediate support might be located at 0.9884 (May 23 Low) and below that 0.9850/43 (10 & 200-DMA).


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