9 Jul 2015
USD/CHF nears 0.95 handle
FXStreet (Mumbai) - The safe haven Swiss Franc is extending losses, taking the USD/CHF pair higher to trade within a touching distance from 0.95 levels.
USD demand spiked above 100-DMA
The demand for the US dollars spiked after the pair erased early losses and rose above the 100-DMA located at 0.9464. The Swiss Franc had strengthened earlier today due to a volatile Shanghai Composite. However, the index stabilized and rallied more than 6%, thereby triggering a bout of weakness in the CHF and other traditional safe haven assets except Gold.
It remains to be seen if the bid tone on the USD is strong enough to push the pair through the resistance zone of 0.9510-0.9516.
USD/CHF Technical Levels
The pair currently trades around 0.9495. The immediate resistance is seen at 0.9510-0.9516, above which the spot could target 0.96. On the flip side, support is seen at 0.9464 (100-DMA) and 0.9425 (daily low).
USD demand spiked above 100-DMA
The demand for the US dollars spiked after the pair erased early losses and rose above the 100-DMA located at 0.9464. The Swiss Franc had strengthened earlier today due to a volatile Shanghai Composite. However, the index stabilized and rallied more than 6%, thereby triggering a bout of weakness in the CHF and other traditional safe haven assets except Gold.
It remains to be seen if the bid tone on the USD is strong enough to push the pair through the resistance zone of 0.9510-0.9516.
USD/CHF Technical Levels
The pair currently trades around 0.9495. The immediate resistance is seen at 0.9510-0.9516, above which the spot could target 0.96. On the flip side, support is seen at 0.9464 (100-DMA) and 0.9425 (daily low).