The bid tone around CHF remains intact despite rally in the European equity index futures, keeping the USD/CHF pair below 0.99 levels.
Rejected at 10-DMA
The spot failed to take out the 10-DMA located at 0.9906 levels and fell to a session low of 0.9871 levels before recovering slightly to 0.9885 levels. The major European equity index futures are pointing to a positive open, which saw regional safe haven CHF trims gains.
But, the demand for CHF stays intact as SNB’s Jordan indirectly pointed to less likelihood of more rate cuts earlier this week.
USD/CHF Technical Levels
The immediate support is seen at 0.9852 (Feb 24 low), under which the losses could be extended to 0.9819 (Feb 10 high). On the other hand, a break above the 10-DMA at 0.9906 could see the pair re-test 0.9945 (100-DMA).
(Market News Provided by FXstreet)
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