FXStreet (Mumbai) – The USD/CHF pair snapped its corrective slide and resumed its upbeat momentum in the mid-European trades, now extending gains into the eighth straight session.
USD/CHF testing multi-weeks highs
Currently, the USD/CHF pair gains 0.12% to trade at 0.9796, having posted fresh session highs at 0.9804 in last minutes. The USD/CHF pair erased losses and swung back higher into the green as the US dollar trimmed losses against its major peers.
Moreover, the European stocks are seen steady in the red with the DAX ditching their counterpart and trades in the positive territory, which keeps the sentiment lifted and reduces the safe-haven demand for CHF.
Meanwhile, the major will continue to track the sentiment on the equities ahead of the US new home sales data due later in the New York session.
USD/CHF Technical Levels
To the upside, the next resistance is located 0.9845 (Sept 25 High) levels and above which it could extend gains to 0.9900/0.9906 (round number + Aug 11 High). To the downside, immediate support might be located at 0.9746/40 (hourly 50-SMA + 5-DMA) and below that at 0.9687 (50-DMA).
(Market News Provided by FXstreet)