10 Jul 2015
USD/CHF: Swiss franc tracks EUR higher
FXStreet (Mumbai) - The US dollar relentlessly sold-off versus the Swiss franc in the European session, sending USD/CHF to fresh weekly lows on 0.93 handle. The Swiss franc hammered its American counterpart despite receding Grexit risks as broad euro strength boosts the Swiss currency.
USD/CHF drops from 0.9479
Currently, the USD/CHF pair trades -1.29% lower at 0.9365, retracing from fresh weekly lows printed at 0.9332. The USD/CHF pair tumbles nearly 140 pips in today’s trade so far as the Swiss currency was bolstered by strengthening EUR/USD as fresh Greek hopes spurred optimism and investors rushed back into the single currency.
While the US dollar remains weak amid rising euro and on downbeat US employment data released on Thursday. The US initial jobless claims surprisingly rose and posted 297,000, while analysts had expected 275,000.
Looking ahead, focus will remain only on FOMC Chair Janet Yellen's speech about the US economic outlook in Cleveland amid a data-empty US calendar.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9400 levels and above which it could extend gains 0.9451 (July 5 High) levels. To the downside, immediate support might be located at 0.9300 levels and below that at 0.9278 levels.
USD/CHF drops from 0.9479
Currently, the USD/CHF pair trades -1.29% lower at 0.9365, retracing from fresh weekly lows printed at 0.9332. The USD/CHF pair tumbles nearly 140 pips in today’s trade so far as the Swiss currency was bolstered by strengthening EUR/USD as fresh Greek hopes spurred optimism and investors rushed back into the single currency.
While the US dollar remains weak amid rising euro and on downbeat US employment data released on Thursday. The US initial jobless claims surprisingly rose and posted 297,000, while analysts had expected 275,000.
Looking ahead, focus will remain only on FOMC Chair Janet Yellen's speech about the US economic outlook in Cleveland amid a data-empty US calendar.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9400 levels and above which it could extend gains 0.9451 (July 5 High) levels. To the downside, immediate support might be located at 0.9300 levels and below that at 0.9278 levels.