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USD/CHF drops to lows ahead of 0.9600 on Swiss data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Swiss franc wiped-out losses and jumped back on the bids against its American counterpart in the European session, driving USD/CHF in the red just shy of 0.96 mark.

    USD/CHF recedes from 0.9620

    Currently, the USD/CHF pair trades -0.10% lower at 0.9610, flirting with fresh session lows struck at 0.9606 last minutes. The major came under renewed selling pressure as sentiment deteriorated after the European equities turned in the negative territory, and triggered fresh demand for the safe-haven CHF.

    Moreover, the Swiss economic expectations data came in much stronger than the previous and further added to upbeat sentiment around the Swiss franc, sending USD/CHF to session lows. The Swiss April ZEW investor sentiment index rises to 11.5 vs 2.5 previously.

    Looking ahead, the major will continue to track the broader market sentiment ahead of the US existing home sales data due later today.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 0.9643/49 (5-DMA/ 1h 100-SMA) and above which it could extend gains to 0.9700 (round number). To the downside, immediate support might be located at 0.9586 (Apr 19 Low/ daily S1) and below that 0.9540 (Apr 13 Low).
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