FXStreet (Edinburgh) – The greenback remains on the defensive vs. the Swiss franc today, with USD/CHF no receding to the 1.0045/40 band.
USD/CHF off highs near 1.0060
Spot has reversed the initial positive momentum on Friday, after concerns over the Chinese economy have taken over sentiment following another weak performance of Chinese equities. The subsequent ‘flight-to-safety’ has benefited the franc and dragged the pair to session lows near 1.0020.
Ahead in the NA session, US Retail Sales will take centre stage seconded by Producer Prices and December’s Industrial Production figures.
USD/CHF relevant levels
At the moment the pair is retreating 0.11% at 1.0041 and a drop below 0.9972 (20-day sma) would open the door to 0.9914 (76.4% Fibo of 1.0335-0.9784) and then 0.9877 (100-day sma). On the flip side, the next up barrier lines up at 1.0094 (downtrend from 1.0335) followed by 1.0206 (23.6% Fibo of 1.0335-0.9784) and finally 1.0335 (high Nov.26).
(Market News Provided by FXstreet)