USD/CHF turns negative and drops to 0.9930

A slide of the US dollar across the board pushed USD/CHF into negative territory on Wednesday. 

The pair tested earlier weekly highs located around the parity level but it failed and turned to the downside. During the American session the decline accelerated on the back of a weak US dollar. Recently it bottomed at 0.9930 and it was trading around 0.9940/45, 30 pips below yesterday’s closing price. 

The Swiss franc is among the top performers in Europe supported by political uncertainty (French elections), Draghi’s comments on inflation and new talk about the Greek financial crisis. 

USD/CHF technical levels 

To the upside, resistance might be seen at 0.9965 (Jan 25, 26 & 27 low / Feb 6 high), 0.9985 (Feb 3 high) and the 1.0000 handle. On the downside, support could be seen at 0.9930 (daily low), 0.9905 (Feb 7 low) and 0.9870 (Feb 2 low).