5 Aug 2015
USD/CHF prints fresh 4-month highs near 0.9800
FXStreet (Mumbai) - The Swiss currency extends its losing streak versus the US dollar in the European morning, driving USD/CHF to fresh four-month highs just a whisker short of 0.9800 levels, as deepening deflation spiral in the Swiss economy continues to weigh on the domestic currency.
USD/CHF rally towards parity
Currently, the USD/CHF pair trades 0.10% higher at 0.9791, hovering close to fresh multi-month highs of 0.9799. The USD/CHF pair extends to the upside as the US dollar remains broadly higher on increasing Sept rate hike chatter. The US dollar index, which measures the relative strength of the greenback against its major competitors, now trades 0.14% higher at 98.19.
Moreover, Swiss CPI figures which revealed that consumer prices in Switzerland failed to rebound in July and slid into negative territory on a monthly basis as well, added to the bearish pressures on the Swiss franc, knocking it off to four-month lows versus the greenback.
Meanwhile, markets now shift their focus towards a slew of important US economic data which will have major influence on the major.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9850 levels and above which it could extend gains 0.9866 levels. To the downside, immediate support might be located at 0.9774 (Today’s Low) levels and below that at 0.9700 levels.
USD/CHF rally towards parity
Currently, the USD/CHF pair trades 0.10% higher at 0.9791, hovering close to fresh multi-month highs of 0.9799. The USD/CHF pair extends to the upside as the US dollar remains broadly higher on increasing Sept rate hike chatter. The US dollar index, which measures the relative strength of the greenback against its major competitors, now trades 0.14% higher at 98.19.
Moreover, Swiss CPI figures which revealed that consumer prices in Switzerland failed to rebound in July and slid into negative territory on a monthly basis as well, added to the bearish pressures on the Swiss franc, knocking it off to four-month lows versus the greenback.
Meanwhile, markets now shift their focus towards a slew of important US economic data which will have major influence on the major.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9850 levels and above which it could extend gains 0.9866 levels. To the downside, immediate support might be located at 0.9774 (Today’s Low) levels and below that at 0.9700 levels.