FXStreet (Mumbai) – USD/CHF bounced-off lows at 0.9700 and swung higher in to gains during the European session, with the USD bulls largely boosted by the classic risk-sentiment returning to the markets.
USD/CHF rises further as the USD gains momentum
Currently, the USD/CHF pair trades 0.33% higher at fresh three-week highs of 0.9785, on its way to 0.9800 levels. The USD/CHF pair erased losses and flipped to gains as improving sentiment towards US dollar lifted the major higher.
Moreover, a weaker euro versus the US dollar paired with disappointing Swiss employment data also pressured the Swiss franc driving the pair to fresh multi-week highs, just within a shouting distance of 0.98 barrier.
Switzerland’s jobless rate rose to 3.2% month-on-month, compared to the 3.1% seen in the previous month, while markets had bet the gauge would remain the same.
In the Asian trades, the Swiss bulls were boosted to fresh highs at 0.9700 versus the greenback amid renewed risk-off wave triggered by weaker Chinese trade data.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9804 (Aug 18 High) levels and above which it could extend gains 0.9829 (Aug 5 High) levels. To the downside, immediate support might be located at 0.9700 (Today’s Low) levels and below that at 0.9676 (Sept 9 Low) levels.
(Market News Provided by FXstreet)