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19 Mar 2015
USD/CHF hits fresh highs above 0.9930, SNB eyed
FXStreet (Mumbai) - USD/CHF extended its recovery path towards parity in the European morning, on the renewed US dollar strength as downbeat Swiss trade data also supports the upward momentum.
USD/CHF rises from 0.9889
Currently, the USD/CHF gains 1.51% and trades at fresh session highs of 0.9930. The pair extends gains after the Swiss franc weakens further on downbeat Swiss trade data which showed that the country’s trade surplus narrowed in February to ₣2.47 billion in the reported month, compared to a predicted surplus of ₣2.87 billion. Moreover, real exports decreased 3.9% to ₣16.125 billion y/y.
The persistent strength seen in the US dollar against its major counterparts also continues to lift the USD/CHF pair higher towards 1.00. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 98.66, recording 1.32% gain on the day.
Meanwhile, traders now await Swiss National Bank (SNB) Monetary policy decision due out shortly for further momentum on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.00 levels and above which it could extend gains to 1.0071 levels. To the downside, immediate support might be located at 0.9800 levels and below that at 0.9715 levels.
USD/CHF rises from 0.9889
Currently, the USD/CHF gains 1.51% and trades at fresh session highs of 0.9930. The pair extends gains after the Swiss franc weakens further on downbeat Swiss trade data which showed that the country’s trade surplus narrowed in February to ₣2.47 billion in the reported month, compared to a predicted surplus of ₣2.87 billion. Moreover, real exports decreased 3.9% to ₣16.125 billion y/y.
The persistent strength seen in the US dollar against its major counterparts also continues to lift the USD/CHF pair higher towards 1.00. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 98.66, recording 1.32% gain on the day.
Meanwhile, traders now await Swiss National Bank (SNB) Monetary policy decision due out shortly for further momentum on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.00 levels and above which it could extend gains to 1.0071 levels. To the downside, immediate support might be located at 0.9800 levels and below that at 0.9715 levels.