25 Mar 2015
USD/CHF hits fresh highs ahead of 0.96
FXStreet (Mumbai) - The US dollar managed to fight back lost ground versus the Swiss franc, taking USD/CHF gradually higher above 0.96 barrier, as CHF took a halt in its 5-day rally versus the US dollar, ignoring the recent upbeat US macro figures.
USD/CHF regains 0.9600
Currently, the USD/CHF trades higher by 0.23% at fresh session highs at 0.9604 levels, moving away from fresh three week lows reached at 0.9530 levels in the previous session. The pair climbed higher this session largely on a fresh bout of short-covering rally as the traders resorted to profit taking on their CHF longs after the recent surge to multi-week highs.
USD/CHF weakened in the previous session after the Swiss franc got a boost from upbeat Euro zone PMI readings, taking CHF to fresh three week highs against the greenback.
Moreover, Rabobank said in a research note on Monday that “CHF net positions turned positive for the first time since May 2014. The SNB refrained from further policy stimulus last week,” also supported the Swiss currency. Traders now focus on US durable goods data to be released later in the day for fresh incentives on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9650 levels and above which it could extend gains to 0.9696 levels. To the downside, immediate support might be located at 0.9580 levels and below that at 0.9530 levels.
USD/CHF regains 0.9600
Currently, the USD/CHF trades higher by 0.23% at fresh session highs at 0.9604 levels, moving away from fresh three week lows reached at 0.9530 levels in the previous session. The pair climbed higher this session largely on a fresh bout of short-covering rally as the traders resorted to profit taking on their CHF longs after the recent surge to multi-week highs.
USD/CHF weakened in the previous session after the Swiss franc got a boost from upbeat Euro zone PMI readings, taking CHF to fresh three week highs against the greenback.
Moreover, Rabobank said in a research note on Monday that “CHF net positions turned positive for the first time since May 2014. The SNB refrained from further policy stimulus last week,” also supported the Swiss currency. Traders now focus on US durable goods data to be released later in the day for fresh incentives on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9650 levels and above which it could extend gains to 0.9696 levels. To the downside, immediate support might be located at 0.9580 levels and below that at 0.9530 levels.