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31 Aug 2015
USD/CHF swings back higher beyond 0.9640
FXStreet (Mumbai) - The USD bulls fought back control and charged higher in the mid-European trades, lifting USD/CHF to fresh session highs near the mid-point of the 0.96 handle.
CHF drops as safe-haven demand vanishes
Currently, the USD/CHF pair trades 0.17% higher at 0.9643, having posted a high at 0.9655 and a low at 0.9587. The USD/CHF pair recovered a part of Friday’s losses and flipped to gains during the European session as early bids for the Swissie as a safe-haven asset completely disappeared with markets now turning to the newly pronounced risk currency – the US dollar ahead of a data-heavy US calendar this week.
While, the Swiss KOF Economic Barometer released earlier this session also failed to retain gains in the Swiss currency. The KOF Economic Barometer, with a current reading of 100.7, shows a minor increase of 0.3 points in August 2015 (from revised 100.4 in July). The Barometer hovers just slightly over its long-term mean value.
Later in the day, the pair may receive fresh cues from the upcoming US Chicago PMI data which may provide fresh incentives for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9673 (Aug 28 High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9580 (Aug 20 Low) levels.
CHF drops as safe-haven demand vanishes
Currently, the USD/CHF pair trades 0.17% higher at 0.9643, having posted a high at 0.9655 and a low at 0.9587. The USD/CHF pair recovered a part of Friday’s losses and flipped to gains during the European session as early bids for the Swissie as a safe-haven asset completely disappeared with markets now turning to the newly pronounced risk currency – the US dollar ahead of a data-heavy US calendar this week.
While, the Swiss KOF Economic Barometer released earlier this session also failed to retain gains in the Swiss currency. The KOF Economic Barometer, with a current reading of 100.7, shows a minor increase of 0.3 points in August 2015 (from revised 100.4 in July). The Barometer hovers just slightly over its long-term mean value.
Later in the day, the pair may receive fresh cues from the upcoming US Chicago PMI data which may provide fresh incentives for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9673 (Aug 28 High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9580 (Aug 20 Low) levels.