23 Jan 2014
USD/CHF hits 9-day low after SNB move
FXstreet.com (Córdoba) - The USD/CHF slumped Thursday, erasing all previous weekly gains, as the franc strengthened broadly after the SNB increased the capital buffer banks will need to hold against property exposure from 1% to 2%.
During the Asian session, the USD/CHF failed to break above the 0.9130 area and underpinned by SNB move the CHF gained momentum, dragging the pair more than 100 pips south toward a 9-day low of 0.9019 in recent dealings. The USD/CHF now trades at the 0.9035 area, recording a 0.9% loss on the day.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could face immediate supports at 0.9019 (Jan 23 low), 0.8900 (psychological level) and 0.8885 (Jan 14 low). On the upside, resistances are seen at 0.9070 (100-day SMA) and 0.9100 (psychological level) ahead of 0.9133 (Jan 23 high).
During the Asian session, the USD/CHF failed to break above the 0.9130 area and underpinned by SNB move the CHF gained momentum, dragging the pair more than 100 pips south toward a 9-day low of 0.9019 in recent dealings. The USD/CHF now trades at the 0.9035 area, recording a 0.9% loss on the day.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could face immediate supports at 0.9019 (Jan 23 low), 0.8900 (psychological level) and 0.8885 (Jan 14 low). On the upside, resistances are seen at 0.9070 (100-day SMA) and 0.9100 (psychological level) ahead of 0.9133 (Jan 23 high).