FXStreet (Mumbai) – USD/CHF halted its three-day decline and traded firmer in the European session, largely on the back of EUR/USD sell-off which weakened the Swiss franc versus the US dollar while the Greek drama continues.
USD/CHF rises from 0.9163
Currently, the USD/CHF pair trades 0.49% higher at fresh session highs of 0.9221, accelerating gains beyond 0.92 barrier. The Swiss franc dropped sharply versus its American counterpart largely tracing losses from the shared currency as EUR/USD tumbled nearly 100 pips today after it faced rejection at 1.14 handle.
Moreover, broad based US dollar strength ahead of expectations of upbeat US housing data also added to the gains in the USD/CHF pair. The dollar index which measures the greenback’s strength against its major peers, now trades 0.16% higher near fresh session lows of 94.46.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9253 (June 19 High) levels and above which it could extend gains to 0.9328 (June 17 High) levels. To the downside, immediate support might be located at 0.9163 (Today’s Low) levels and below that at 0.9140 levels.
(Market News Provided by FXstreet)