Wednesday, September 9, 2015

USD/CHF: Swiss franc resilient to risk-on flows

FXStreet (Mumbai) - The Swiss franc was probably the only traditional safe-haven asset which stood resilient to the classic risk-on theme prevalent during the European session.

USD/CHF drops despite stronger USD

Currently, the USD/CHF pair trades -0.33% lower at 0.9759, recovering from fresh session lows struck at 0.9718 in the European morning. The USD/CHF lost the recent strength and edged lower with the CHF bulls completely ignoring the risk-on sentiment persisting across the financial markets.

While, a weaker euro versus the US dollar also failed to add to downside in the Swiss franc, keeping USD/CHF in the red below 0.9800 levels.

Meanwhile, the US dollar continues to garner strength against its major counterparts with the USD index now trading 0.46% higher at 96.28.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9804 (Aug 18 High) levels and above which it could extend gains 0.9829 (Aug 5 High) levels. To the downside, immediate support might be located at 0.9718 (Today’s Low) levels and below that at 0.9676 (Sept 9 Low) levels.
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