20 Aug 2015
USD/CHF: Swiss franc boosted on widening trade surplus
FXStreet (Mumbai) - The USD/CHF pair extends losses in to a second day and dropped to fresh three week lows on Thursday mainly driven by strengthening Swiss franc
following the release of upbeat Swiss trade figures.
USD/CHF drops from 0.9672
Currently, the USD/CHF pair trades -0.19% lower at 0.9639, retreating slightly from fresh three-week lows reached at 0.9631 levels. The major dives deeper in to the red after the Swiss currency was bolstered by the local data – trade balance.
Switzerland's trade surplus rose to CHF3.74 billion in July, compared with a downwardly revised CHF3.51 billion registered in the previous month. Markets had predicted a surplus of CHF2.59 billion.
On the USD-side of the story, traders resorted to profit-taking on the USD shorts after the dovish minutes led weakness pushing the greenback broadly higher. However, USD/CHF ignored broad based USD rebound and remained near multi-week lows.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9672 (Today’s High) levels and above which it could extend gains 0.9704 (Aug 3 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9569 (July 24 Low) levels.
following the release of upbeat Swiss trade figures.
USD/CHF drops from 0.9672
Currently, the USD/CHF pair trades -0.19% lower at 0.9639, retreating slightly from fresh three-week lows reached at 0.9631 levels. The major dives deeper in to the red after the Swiss currency was bolstered by the local data – trade balance.
Switzerland's trade surplus rose to CHF3.74 billion in July, compared with a downwardly revised CHF3.51 billion registered in the previous month. Markets had predicted a surplus of CHF2.59 billion.
On the USD-side of the story, traders resorted to profit-taking on the USD shorts after the dovish minutes led weakness pushing the greenback broadly higher. However, USD/CHF ignored broad based USD rebound and remained near multi-week lows.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9672 (Today’s High) levels and above which it could extend gains 0.9704 (Aug 3 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9569 (July 24 Low) levels.