USD CHF trading higher
9/12/2016 8:58:15 AM
The USD expands its recovery against CHF in the early European trading, sending USD/CHF higher to test 100-DMA located at 0.9765.
Currently, the USD/CHF pair trades modestly higher at 0.9755, floating within a close range to session tops printed at 0.9765 some minutes ago. USD/CHF found fresh bids near 20-DMA and now heads higher in a bid to retest 0.98 handle, as the bulls ignore broad based USD correction. The USD index edges -0.07% lower at 95.25, correcting more from three-days high posted on Friday at 95.58.
While continues risk-off sentiment failed to sustain the demand for the traditional safe-haven CHF, now pushing the USD/CHF pair more into the positive territory. Looking ahead, markets eagerly wait for some clarity on the Fed’s rate hike outlook after a series of mixed Fed speaks delivered last week. While the US retail sales data and SNB quarterly policy assessment will keep on in attention this week.
To the upside, the next persistence is placed at 0.9765 and above which it could expands gains to 0.9800. To the weakness, immediate support might be placed at 0.9705 and below that 0.9650.