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4 Mar 2015
USD/CHF rises to fresh 2-month highs
FXStreet (Mumbai) - USD/CHF climbed to the highest levels since SNB cap removal during the European session, extending its recovery path largely as the greenback rose to its new 2 month high against the Swiss franc as bulls rode on the pro-dollar sentiment from this week's US data.
USD/CHF firm above 0.9600
Currently, the USD/CHF trades flat at 0.9618 levels, hovering close to fresh seven-week highs posted at 0.9629 levels an hour ago. The pair was strongly bid above 0.9600 levels as traders continued to digest SNB intervention rumours.
The SNB's sight deposits improved last week, indicating the possibility of SNB intervention to depreciate the currency. Data from the SNB showed that sight deposits of domestic banks at the central bank surged up to CHF383.66 billion in the week ended February 27, from CHF365.49 billion recorded last week.
Meanwhile, USD/CHF remains elevated as the US dollar turned in green and may remain higher ahead US ADP Non-Farm Employment Change due in the day ahead.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9650 levels and above which it could extend gains to 0.9680 levels. To the downside, immediate support might be located at 0.9555 levels and below that at 0.9500 levels.
USD/CHF firm above 0.9600
Currently, the USD/CHF trades flat at 0.9618 levels, hovering close to fresh seven-week highs posted at 0.9629 levels an hour ago. The pair was strongly bid above 0.9600 levels as traders continued to digest SNB intervention rumours.
The SNB's sight deposits improved last week, indicating the possibility of SNB intervention to depreciate the currency. Data from the SNB showed that sight deposits of domestic banks at the central bank surged up to CHF383.66 billion in the week ended February 27, from CHF365.49 billion recorded last week.
Meanwhile, USD/CHF remains elevated as the US dollar turned in green and may remain higher ahead US ADP Non-Farm Employment Change due in the day ahead.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9650 levels and above which it could extend gains to 0.9680 levels. To the downside, immediate support might be located at 0.9555 levels and below that at 0.9500 levels.