14 Jul 2015
USD/CHF again rejected at 0.95
FXStreet (Córdoba) - USD/CHF climbed during the Asian session to 0.9531 and hit the strongest level since late May but once again it failed to hold above and pulled back.
Weak US data favors CHF
The pair started to decline during the European session form the highs and bottomed after the release of US economic data at 0.9403. Greenback then recovered strength and it was hovering around 0.9450/60, still 40 pips below the level it closed yesterday.
USD/CHF outlook
USD/CHF holds a slightly bullish bias, but as long as it remains unable to consolidate above 0.9500, the upside is likely to be limited. If the US dollar manages to break and hold above it could rally further.
On the opposite direction, under 0.9400 the Swissy could gain momentum while below 0.9340 a decline to test 0.9300 seems likely.
Price action could remain sideways as traders await the presentation of Janet Yellen tomorrow at the US Congress that could trigger volatility across the forex market.
Weak US data favors CHF
The pair started to decline during the European session form the highs and bottomed after the release of US economic data at 0.9403. Greenback then recovered strength and it was hovering around 0.9450/60, still 40 pips below the level it closed yesterday.
USD/CHF outlook
USD/CHF holds a slightly bullish bias, but as long as it remains unable to consolidate above 0.9500, the upside is likely to be limited. If the US dollar manages to break and hold above it could rally further.
On the opposite direction, under 0.9400 the Swissy could gain momentum while below 0.9340 a decline to test 0.9300 seems likely.
Price action could remain sideways as traders await the presentation of Janet Yellen tomorrow at the US Congress that could trigger volatility across the forex market.