9 Mar 2015
USD/CHF hovers around fresh 2-month highs above 0.9850
FXStreet (Mumbai) - USD/CHF extends its weekly gains in the early European morning, reaching highest levels since the SNB cap removal largely as the USD bulls push the USD/CHF cross in sight of parity.
USD/CHF consolidates above 0.9850 levels
Currently, the USD/CHF trades modestly flat at 0.9857 levels, hovering close to fresh eight-week highs posted at 0.9869 levels in the Asian session. The pair prolongs its uptrend as traders continue to cheer robust US non-farm payrolls, boosting the ongoing US dollar uptrend. Moreover, the gains accelerated in USD/CHF after the Swiss National Bank's (SNB) FX reserves hit a new high in February, with the SNB actively selling the nation's currency.
According to the SNB it held CHF509.250 billion (USD523.17 billion) in foreign currency at the end of February, compared with a revised CHF498.463 billion held the previous month.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9900 levels and above which it could extend gains to 1.00 levels. To the downside, immediate support might be located at 0.9838 levels and below that at 0.9802 levels.
USD/CHF consolidates above 0.9850 levels
Currently, the USD/CHF trades modestly flat at 0.9857 levels, hovering close to fresh eight-week highs posted at 0.9869 levels in the Asian session. The pair prolongs its uptrend as traders continue to cheer robust US non-farm payrolls, boosting the ongoing US dollar uptrend. Moreover, the gains accelerated in USD/CHF after the Swiss National Bank's (SNB) FX reserves hit a new high in February, with the SNB actively selling the nation's currency.
According to the SNB it held CHF509.250 billion (USD523.17 billion) in foreign currency at the end of February, compared with a revised CHF498.463 billion held the previous month.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9900 levels and above which it could extend gains to 1.00 levels. To the downside, immediate support might be located at 0.9838 levels and below that at 0.9802 levels.