USD/CHF Tracks USD Higher Ahead of US GDP, Yellen

USD/CHF Tracks USD Higher Ahead of US GDP, Yellen

27 May 2016, 11:59
Roberto Jacobs
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USD/CHF Tracks USD Higher Ahead of US GDP, Yellen

Despite falling oil prices, the USD/CHF pair recovered sharply and swung back above 0.99 handle, finding support from a minor-recovery in the European equities and a broadly higher greenback.

USD/CHF holds 0.99 handle

Currently, the USD/CHF pair trades +0.11% higher at 0.9905, flirting with daily highs previously printed at 0.9908. The major is moving in lock-step with the US dollar index, which measures the relative strength of the greenback against a basket of six major currencies, as traders eagerly await the US GDP report for next direction on the major.

The Swiss franc lost footing against its American counterpart after the European equities wiped-out losses and turned positive amid a minor-recovery posed by the black gold. Meanwhile, the US dollar index advances +0.14% to 95.25, having found solid bids ahead of 95 barrier.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9933/38 (May 25 & 24 High) and above which it could extend gains to 0.9950 (round number). To the downside, immediate support might be located at 0.9850/48 (psychological levels/ 200-DMA) and below that 0.9820 (100-DMA).


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