Saturday, October 3, 2015

USD/CHF trims losses after falling to 2-week lows

FXStreet (Córdoba) - USD/CHF weakened sharply after the release of the US NFP report and tumbled. It managed to stabilize above 0.9640 and rose during the last two hours trimming losses.

A weaker USD, a stronger CHF

The disappointing US jobs report reduced expectations of a rate hike by the Federal Reserve during 2015 and pushed the US dollar down across the board. The Swiss franc rose sharply and was among the most favored currencies. USD/CHF plummeted 150 pips in a few minutes and bottomed at 0.9644, the lowest level since September 21.

Afterwards it managed to trims losses and rose to 0.9714 but so far it has been unable to hold above 0.9700 and it was trading at 0.9690, down 0.82% for the day so far, having the worst performance in two weeks.

USD/CHF technical levels

To the upside resistance levels could be located at 0.9715/20 (intraday level), 0.9755 and 0.9795 (daily high). On the opposite direction, support might be seen at 0.9665, 0.9545 (daily low) and 0.9590 (Sep 17 low).

For more information, read our latest forex news.

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