FXStreet (Mumbai) – The USD/CHF pair stalled its recovery just ahead of 0.96 handle and recedes slightly as the bulls take a breather after the sudden spike seen in recent dealings.
USD/CHF supported above 200-DMA
Currently, the USD/CHF pair gains 0.25% to trade at 0.9585, retreating from fresh weekly highs reached at 0.9611 an hour ago. The USD/CHF pair erased losses seen in early Europe and shot beyond 0.96 barrier on the back of the US dollar recovery amid drastic shift in sentiment on the European indices.
However, the recent spike remains short-lived as the major slipped below 0.96 handle as attention now shifts towards the US open with a flurry of earning reports lined up for release. While Thursday’s ECB event remain the main highlight.
USD/CHF Technical Levels
To the upside, the next resistance is located 0.9600/11 (round number + Today’s High) levels and above which it could extend gains to 0.9633 (20-DMA) To the downside, immediate support might be located at 0.9559/54 (10-DMA + h1 50-SMA) and below that at 0.9500 (psychological levels).
(Market News Provided by FXstreet)