USD/CHF Remains Capped by 0.9950

USD/CHF Remains Capped by 0.9950

31 May 2016, 18:45
Roberto Jacobs

USD/CHF Remains Capped by 0.9950

USD/CHF climbed to fresh daily highs during the New York session as the greenback picked up momentum, with the pair retesting the upper side of its recent range, but still capped by the 0.9950/55 zone.

USD/CHF rose more than half a cent in a matter of minutes, reversing intraday losses, but then found resistance at 0.9950 and trimmed gains. At time of writing, the pair was trading at 0.9928, still a few pips above its opening price.

The US dollar strengthened versus most competitors, main exception made by the yen, as expectations of a Fed rate hike continue to grow following Yellen comments last week. Main focus remains on US nonfarm payrolls data due on Friday.

USD/CHF levels to watch

In terms of technical levels, next resistances could be faced at 0.9955 (May 30 high), 1.0039 (Mar 9 high) and then 1.0092 (Mar 10 high). On the other hand, supports are seen at 0.9871 (May 21 low), 0.9839 (200-day SMA) and then 0.9797 (May 18 low).


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