31 Jul 2015
USD/CHF ends week-long rally, hovers around 0.9650
FXStreet (Mumbai) - The US dollar ended its upward rally and fell sharply into the negative territory versus the Swiss currency, knocking-off USD/CHF closer towards 0.96 handle, as markets locked-in gains after the major hit three-month highs on Thursday amid the latest favourable updates and FOMC outcome ahead of monthly closing.
USD/CHF falls from 0.9685
Currently, the USD/CHF pair trades -0.58% lower at 0.9638, hovering close to fresh two-day lows of 0.9627. The USD/CHF pair snapped its bullish run and dropped nearly 60 pips this session after the Swiss currency tracked gains in the euro and regained lost ground somewhat.
Moreover, broad based US dollar weakness manly driven by a profit-taking slide also weighs on the USD/CHF pair. The US dollar index, which measures the relative strength of the greenback against its major competitors, now trades in red near 97.60.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9685 (Today’s High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9627 (Today’s Low) levels and below that at 0.9599 (July 29 Low) levels.
USD/CHF falls from 0.9685
Currently, the USD/CHF pair trades -0.58% lower at 0.9638, hovering close to fresh two-day lows of 0.9627. The USD/CHF pair snapped its bullish run and dropped nearly 60 pips this session after the Swiss currency tracked gains in the euro and regained lost ground somewhat.
Moreover, broad based US dollar weakness manly driven by a profit-taking slide also weighs on the USD/CHF pair. The US dollar index, which measures the relative strength of the greenback against its major competitors, now trades in red near 97.60.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9685 (Today’s High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9627 (Today’s Low) levels and below that at 0.9599 (July 29 Low) levels.