FXStreet (Mumbai) – The Swiss currency dropped to from session lows versus the US dollar in the European morning, driving USD/CHF towards 0.93 handle, as the Swiss franc was unaffected by impressive Switzerland’s CPI print which emerged in the positive territory in May, while better than expected Swiss jobless rate also failed to lift the franc.
USD/CHF rises on stronger USD
Currently, the USD/CHF pair trades 0.22% higher at 0.9296, heading towards 0.93 barrier. The pair firmed this session as the Swiss franc was unperturbed by a set of upbeat Swiss macro data released on Tuesday.
The Swiss CPI posted a 0.2% increase in May m/m, compared with the decline of 0.2% seen in April, while markets had forecasted a 0.1% rise for the reported period. While the jobless rate dropped to 3.2% month-on-month, compared to 3.3% seen in the previous month. Markets had bet the gauge would come in at 3.2%.
Moreover, broad based US dollar recovery 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 0.22% higher at 95.43.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9300 levels and above which it could extend gains to 0.9362 levels. To the downside, immediate support might be located at 0.9253 levels and below that at 0.9200 levels.
(Market News Provided by FXstreet)