FXStreet (Mumbai) – The Swiss currency recovered losses and edged higher versus the US dollar in the European morning, pushing USD/CHF closer towards 0.94 handle. The major fell back in red with the Swiss franc holding gains despite weak Switzerland’s GDP data released earlier this session.
USD/CHF trades below 0.9500
Currently, the USD/CHF pair trades -0.13% lower at 0.9430, retracing from 0.9401 lows. The pair remains in red, erasing previous gains as the Swiss franc shrugged off contraction in the nation’s economy.
Switzerland revealed a 0.2% decrease in Q1 2015, following a revised 0.5% growth Q4 2014. Market consensus had bet on 0.2% growth.
Meanwhile, markets now await US macro release which are likely to emerge the main market movers in today’s trading session.
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 0.9400 levels and below that at 0.9380 levels.
(Market News Provided by FXstreet)