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USD/CHF drops to 0.9720 post Swiss data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF pair ran through fresh offers near the hourly 200-SMA in the early Asian trades and extends its gradual descent thereon; as renewed buying interest was seen around the CHF after the Swiss unemployment rate beat estimates.

    USD/CHF drops to hourly 20-SMA

    Currently, the USD/CHF pair trades -0.12% lower at 0.9725, retreating from fresh session lows struck at 0.9720, which is also the hourly 20-SMA. The USD/CHF pair remains undermined amid fresh demand for safe-havens such as the CHF amid wide-spread risk-aversion in the market after the Japanese stocks and US indices futures dropped.

    Adding to this, upbeat employment data from Switzerland further boost the local currency and dragged USD/CHF to fresh session lows near 0.97 handle. The jobless rate remained at 3.2% m/m in Sept, compared to the 3.2% seen in Aug and beating 3.4% estimates.

    Markets now await the US weekly jobless claims and the FOMC minutes which may provide fresh incentives on the pair.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9770 (Oct 5 High) levels and above which it could extend gains to 0.9800 (round number). To the downside, immediate support might be located at 0.9705 (Hourly 50-SMA) and below that at 0.9684 (Oct 5 Low) levels.
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