Monday, September 14, 2015

USD/CHF rises to fresh highs above 0.9700

FXStreet (Mumbai) - USD/CHF halted its four back-to-back sessions of losses and flipped to gains in the European morning, as the Swiss franc lost momentum after a set of weak Swiss macro data.

USD/CHF rises from 0.9668

Currently, the USD/CHF pair trades 0.21% higher at fresh session highs of 0.9709, bouncing of fresh 10-day lows struck at 0.9668 levels. The Swiss franc snapped its winning streak and fell into the red versus the US dollar, despite a slightly cautious tone prevalent in the markets, after Swiss retail sales and factory gate prices disappointed markets.

The Swiss retail sales data for July dropped 0.1% while producer and import price data posted a 6.8% decline in August, both measured on a year-on-year basis.

Moreover, broad based US dollar weakness on the back of easing expectations of the Fed rate hike this year also continues to weigh on USD/CHF, with the USD index now losing -0.14% to 95.24.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9727 (July 30 High) levels and above which it could extend gains to 0.9766 (Sept 7 High) levels. To the downside, immediate support might be located at 0.9640 (Aug 19 Low) levels and below that at 0.9593 (July 29 Low) levels.
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