FXStreet (Mumbai) – The weak tone on the Swiss Franc pushed the USD/CHF pair above 0.94, as verbal intervention from the SNB’s Jordan overshadowed the safe haven demand for the CHF (due to Greek impasse).
CHF driven lower by SNB’s Jordan
The CHF fell across the board after the Swiss National Bank (SNB) chief Jordan jawboned the currency by expressing readiness to intervene in the FX markets if required. Consequently, the CHF turned lower even though Greece and its international creditors failed to reach an agreement before the Eurogroup meeting.
Ahead in the day, the USD/CHF pair could extend gains above the session high of 0.9414 if the US personal spending (exp 0.7% in May) prints higher than expected.
USD/CHF Technical Levels
The pair currently trades at 0.9401, with the immediate resistance seen at 0.9438 (weekly 50-MA), above which the pair could target 0.9500. On the flip side, a failure to sustain above 0.9500 could push the pair back to 0.9340 (hourly 50-MA).
(Market News Provided by FXstreet)