FXStreet (Mumbai) – The USD/CHF pair bounced-off the hourly 100-MA seen in the European session at 1.0257 levels to trade near the hourly 50-MA located at 1.0293 levels.
Losses erased
The pair now trades largely unchanged on the day. The pair took out the yearly high of 1.0240 and rose to a 5-year high of 1.0328 before falling back to 1.0257 levels today on account of profit taking.
However, the bid tone on the USD gathered pace, tracking a rise in the US treasury yields ahead of the monthly manufacturing PMI numbers in the US.
USD/CHF Technical Levels
At 1.0290, the immediate resistance is seen at 1.03, above which gains could be extended to 1.0328 (Friday’s high). On the other side, a break below the hourly 100-MA at 1.0257 would open doors for a sell-off to 1.0219 (hourly 200-MA).
(Market News Provided by FXstreet)