FXStreet (Mumbai) – The bid tone on the CHF weakened in the absence of fresh news over Greek deal, thereby helping the USD/CHF pair recover from the low of 0.9234 to trade around 0.9290 levels.
CHF under pressure as no news is good news for the Euro
The Swiss Franc had begun the European session on a positive note as Greek impasse triggered safe haven flows into the Swiss franc. However, we have not heard any significant news/developments regarding the Greek deal. Consequently, the long CHF positions are unwinding ahead of the FOMC statement leading to a recovery in the USD/CHF pair.
It remains to be seen if the pair manages to turn positive, especially since most of the safe haven assets including the treasuries have erased gains.
USD/CHF Technical Levels
The pair currently trades at 0.9282. The immediate resistance is seen at 0.9321, above which the pair could rise to 0.9400-0.9410. On the flip side, a break below 0.9271 could drive the pair lower to 0.9234.
(Market News Provided by FXstreet)