FXStreet (Mumbai) – The technical correction in the USD/CHF gained traction in the European session, pushing it to a low of 0.9892 levels.
Technical correction underway?
The decline in the pair today appears largely due to the pair being overbought on the intraday charts. A slightly hawkish Fed supports the USD, despite which the pair has edged lower today. Moreover, the CHF strength lacked a fundamental trigger.
Ahead in the day, the overall demand for the US dollar could be influenced by the US preliminary Q3 GDP figure. The spot now trades around 0.99 handle.
USD/CHF Technical Levels
The immediate support is seen at 0.9892 (daily low), under which the losses could be extended to 0.9844 (Sep 25 high). On the higher side, the pair could rise to 1.00 handle in case the spot manages to take out offers at 0.9957 (previous day’s high).
(Market News Provided by FXstreet)