8 Jul 2015
USD/CHF: Franc gains as risk-off heightens, focus shifts to Greece
FXStreet (Mumbai) - The US dollar lost footing versus the Swiss franc in the European session, knocking-off USD/CHF closer towards 0.94 handle. The major fell in red, snapping previous gains, as the CHF bulls took back control amid increased demand for safe-havens amid Greek turmoil while China rout also added to the risk aversion.
USD/CHF supported above 0.9400
Currently, the USD/CHF pair trades -0.49% lower at 0.9422, retracing from fresh session lows printed at 0.9409. The Swiss franc kept the edge over the greenback, as traders flocked to the traditional safe-haven in the Swiss currency amid souring moods on the back of no progress seen on Greece front while markets also remain cautious on China slowdown worries sparked by the ongoing rout in the Chinese stock markets.
Moreover, the Swiss franc received some support from strengthening EUR/USD after the slump seen on Tuesday. While a retreat in the US dollar from five-week highs mainly on profit-taking also dragged the pair lower.
Looking ahead, traders now monitor Greece update while FOMC minutes due later will also have major impact on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9451 (July 5 High) levels and above which it could extend gains to 0.9491 (July 1 High) levels. To the downside, immediate support might be located at 0.9400 levels and below that at 0.9337 (July 1 Low) levels.
USD/CHF supported above 0.9400
Currently, the USD/CHF pair trades -0.49% lower at 0.9422, retracing from fresh session lows printed at 0.9409. The Swiss franc kept the edge over the greenback, as traders flocked to the traditional safe-haven in the Swiss currency amid souring moods on the back of no progress seen on Greece front while markets also remain cautious on China slowdown worries sparked by the ongoing rout in the Chinese stock markets.
Moreover, the Swiss franc received some support from strengthening EUR/USD after the slump seen on Tuesday. While a retreat in the US dollar from five-week highs mainly on profit-taking also dragged the pair lower.
Looking ahead, traders now monitor Greece update while FOMC minutes due later will also have major impact on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9451 (July 5 High) levels and above which it could extend gains to 0.9491 (July 1 High) levels. To the downside, immediate support might be located at 0.9400 levels and below that at 0.9337 (July 1 Low) levels.