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20 Aug 2015
USD/CHF: Swiss franc rises to 0.9620 on Swiss EcoMin’s comments
FXStreet (Mumbai) - The USD/CHF pair keeps falling and appears to test 0.96 barrier on Thursday, as the Swiss franc was further boosted on Swiss Economic Ministers’ comments, citing that the Swiss currency is ‘very strong.’
USD/CHF eyes 0.9600
Currently, the USD/CHF pair trades -0.33% lower at 0.9625, having struck fresh five-week lows at 0.9617. The Swiss franc was caught by fresh bid wave after Switzerland’s economic minister’s talked up the domestic currency.
Earlier this session, the Swiss currency extended gains versus the greenback after Switzerland’s trade surplus widened in July, beating expectations.
Swiss trade surplus widened to CHF3.74 billion in July, compared with a downwardly revised CHF3.51 billion registered in the previous month. Markets had predicted a surplus of CHF2.59 billion.
Markets now await fresh cues from the upcoming US data release due later in the US session for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9672 (Today’s High) levels and above which it could extend gains 0.9704 (Aug 3 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9569 (July 24 Low) levels.
USD/CHF eyes 0.9600
Currently, the USD/CHF pair trades -0.33% lower at 0.9625, having struck fresh five-week lows at 0.9617. The Swiss franc was caught by fresh bid wave after Switzerland’s economic minister’s talked up the domestic currency.
Earlier this session, the Swiss currency extended gains versus the greenback after Switzerland’s trade surplus widened in July, beating expectations.
Swiss trade surplus widened to CHF3.74 billion in July, compared with a downwardly revised CHF3.51 billion registered in the previous month. Markets had predicted a surplus of CHF2.59 billion.
Markets now await fresh cues from the upcoming US data release due later in the US session for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9672 (Today’s High) levels and above which it could extend gains 0.9704 (Aug 3 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9569 (July 24 Low) levels.