FXStreet (Mumbai) – The risk-on sentiment weighed over the safe haven CHF and pushed the USD/CHF higher to 0.9770 levels.
Stuck in a range, awaits breakout
The pair has been stuck in a range of 0.9699-0.9770 levels since the beginning of this month. At the moment, the spit is flirting with 0.9775 levels, but it remains to be seen if the pair manages to ensure the daily close above 0.9770 and confirm a breakout from the range.
Furthermore, the upward revision of the Eurozone GDP could have also weighed over the regional safe haven CHF. With no major US data due for release, the movement in the US equities should guide the USD/CHF pair ahead in the day.
USD/CHF Technical Levels
The immediate resistance is seen at 0.98, above which the spot could rise to 0.9848 (Aug 6 high). On the other side, support is seen at 0.9751 (daily low) and 0.97 levels.
(Market News Provided by FXstreet)