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6 Aug 2015
USD/CHF pulls back from 4-month highs
FXStreet (Córdoba) - USD/CHF extended gains into a fourth day on Thursday and printed a fresh 4-month peak, although it failed to sustain gains above the 0.9800 level and settled just below.
USD/CHF rose to its highest level since early April at 0.9847 amid broad USD strength but it has slowly retraced gains and it was last trading around 0.9800, still 0.12% above its opening price.
Yesterday’s Swiss CPI at -1.3% YoY showed deepening deflationary pressures, supporting the case for the SNB to keep negative rates, which will continue to weigh on the franc.
USD/CHF technical levels
On the upside, immediate resistances are seen at 0.9847 (Aug 6 high), 0.9861 (April 13 high) ahead of 0.9900 (psychological level). On the downside, supports could be found at 0.9759 (Aug 5 low) and the 0.9700/0.9695 zone (psychological level/10-day SMA).
USD/CHF rose to its highest level since early April at 0.9847 amid broad USD strength but it has slowly retraced gains and it was last trading around 0.9800, still 0.12% above its opening price.
Yesterday’s Swiss CPI at -1.3% YoY showed deepening deflationary pressures, supporting the case for the SNB to keep negative rates, which will continue to weigh on the franc.
USD/CHF technical levels
On the upside, immediate resistances are seen at 0.9847 (Aug 6 high), 0.9861 (April 13 high) ahead of 0.9900 (psychological level). On the downside, supports could be found at 0.9759 (Aug 5 low) and the 0.9700/0.9695 zone (psychological level/10-day SMA).