FXStreet (Córdoba) – USD/CHF finished the week lower but on Friday managed to end in positive territory after rising more than a hundred pips from the lows.
USD/CHF rebounds but still below pre FOMC levels
USD/CHF started to decline on Thursday after the Federal Reserve left interest rates unchanged. The FOMC offered no clues about when it would raise rates. The number of official that expected a rate hike in 2015 dropped from 15 to 13. The US dollar dropped sharply particularly against European currencies.
USD/CHF bottomed yesterday at 0.9590, then made a short-lived recovery and resumed the downside today during the Europeans session. Price dropped to 0.9526 reaching the lowest in three weeks but then bounced to the upside.
Greenback accelerated the recovery during the US session and climbed above 0.9600, erasing daily losses. Near the end of trading in Wall Street stands at 0.9635/40, just 40 pips below the level it had a week ago.
USD/CHF technical levels
To the upside, resistance levels might be located at 0.9665 (Sept 14, 15, 16 lows), 0.9725 and 0.9760/65 (weekly high). On the opposite direction support levels could lie at 0.9590, 0.9550 and 0.9525 (Sep 18 low).
(Market News Provided by FXstreet)