FXStreet (Mumbai) – The US dollar extends losses and dived deeper in to red versus the Swiss franc in the European session, knocking-off USD/CHF sharply below 0.95 handle, largely as the Swiss franc continues its recovery from one month lows on the back of the greenback global selling pressure seen on currency markets today.
USD/CHF falls further from 0.9488
Currently, the USD/CHF pair trades -0.68% lower at fresh session lows of 0.9468, retracing from fresh highs reached at 0.9539 in Asian session. The pair accelerates its correction after a mix of solid US macro data and optimistic remarks of the Fed Yellen regarding the chances of a 2015 rate hike sparked a dollar rally in recent days.
The dollar index which measures the greenback’s strength against its major peers, recovered from session lows and now trades at 97.15, recording a -0.25% loss on the day.
Meanwhile, in today’s data-light trading session, the USD/CHF pair is likely to track the EUR/USD pair for further direction as both pairs work in inverse correlation, meaning any gains gathered by the shared currency will support the Swiss franc.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9520 levels and above which it could extend gains to 0.9540 levels. To the downside, immediate support might be located at 0.9450 levels and below that at 0.9400 levels.
(Market News Provided by FXstreet)